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i forgot to deduct tds in Contractor non corporate in july 15 so what should i do now?
Please Suggest.
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Answer Posted / ra
With Example ,
case - 1
Transaction/Payment/Bill made to Vendor in the month of Sept 2015 Rs.80,000/-,at the time of payment
We suppose to deduct TDS 2%(if Other than individual/HUF) Rs.1600 and make the payment to vendor Rs.78,400/-,and do TDS remit in next following month Oct 2015 with 7th Rs.1600,if you failed to pay " 1.5% interest have to pay per month"
case - 2
Transaction/Payment/Bill made to Vendor in the month of Sept 2015 Rs.80,000/-,at the time of payment
We suppose to deduct TDS 2%(if individual/HUF) Rs.1600 ,but not deducted we have paid Rs.80,000 instead of 78,400,and in this case we have to pay from our hand Rs.1600,and will adjust the same from vendor in next bill
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