Please Help: REGARDING TDS DEDUCTION
Posted Date : 06-Nov-2013 , 11:58:55 am | Posted By CA Gaurav Narang
DEAR SIR,
WE MADE A PAYMENT TO A COMMISSION AGENT OF RS 3000.00 ON 05.10.2013. SO NOW AS PER SEC 194 H THE AMOUNT PAID IS BELOW TAXABLE LIMIT . BUT WHEN WE PAY COMMISSION OF RS. 4000 IN NOVEMBER 5TH WE HAVE TO DEDUCT AS IT CROSSES EXEMTION LIMIT RS. 5000.
NOW I WANT TO KNOW WHETHER WE HAVE TO PAY INTEREST @ 1% ON THAT RS 3000 DUE TO LATE DEDUCION??????
WE MADE A PAYMENT TO A COMMISSION AGENT OF RS 3000.00 ON 05.10.2013. SO NOW AS PER SEC 194 H THE AMOUNT PAID IS BELOW TAXABLE LIMIT . BUT WHEN WE PAY COMMISSION OF RS. 4000 IN NOVEMBER 5TH WE HAVE TO DEDUCT AS IT CROSSES EXEMTION LIMIT RS. 5000.
NOW I WANT TO KNOW WHETHER WE HAVE TO PAY INTEREST @ 1% ON THAT RS 3000 DUE TO LATE DEDUCION??????
Category : Income Tax | Answers : 1 | Comments : 4 | Hits : 310
Answers
Answer By: Vikky Kumar Jha
No, You need not to pay interest on Rs. 3000
Comments
VIVEK SHARMA
06-Nov-2013 , 06:02:12 pmNO
Umesh Garg
12-Nov-2013 , 09:54:49 amNo need to pay interest on Rs. 3,000/- but TDS should be dedcuted on Rs. 7,000/-
Ricky
12-Nov-2013 , 10:16:27 amNo, but you required to deducted TDS on Rs.7000 and deposit it on due date i.e 7th of December.
varun thakur
12-Nov-2013 , 12:09:34 pmNO YOU DON'T NEED TO PAY