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I forgot to deduct TDS on individual contractor and Exceed amount 70000 so what should to do?

Question Posted / anmol

Answers were Sorted based on User's Feedback



I forgot to deduct TDS on individual contractor and Exceed amount 70000 so what should to do?..

Answer / raghu.v

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 1%(if individiul/HUF) Rs.800 and make the payment to vendor Rs.79,200/-,and do TDS remit in next following month Oct 2015 with 7th Rs.800,if you failed to pay 1.5% interest have 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 1%(if individiul/HUF) Rs.800 ,but not deducted we have paid Rs.80,000 istead of 79,200,and in this case we have to pay from our hand Rs.800,and adjust the same from vendor in next bill

Is This Answer Correct ?    2 Yes 0 No

I forgot to deduct TDS on individual contractor and Exceed amount 70000 so what should to do?..

Answer / sulakshna

In next payment you can deduction the tds

Is This Answer Correct ?    0 Yes 0 No

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