194 A
This query is : Resolved
24 May 2010
Dear sir,
We here with run propriter ship
firm "kanjibhai prabhudas" i have one
query for u.
i have to pay interest Rs 450000/- on my book on 31-03-2010. i would like to know how much tds i have to pay ? one more thing. i have to pay before31-05-2010?
if i pay after that date should my tds
is not valid or i am liable to pay penalty
of Rs 100000/-. pls let me inform at earliest.
thanks.
We here with run propriter ship
firm "kanjibhai prabhudas" i have one
query for u.
i have to pay interest Rs 450000/- on my book on 31-03-2010. i would like to know how much tds i have to pay ? one more thing. i have to pay before31-05-2010?
if i pay after that date should my tds
is not valid or i am liable to pay penalty
of Rs 100000/-. pls let me inform at earliest.
thanks.
CMA.Palani Arumugam
(Expert)
24 May 2010
Since you are running a proprietory concern, TDS is applicable if you are covered under tax audit in the last year.
If yes,then you have to deduct tds @ 10% on Rs.450000/-. If your liability is as on 31.03.10, then the due date for TDS payment is 31.05.2010.
Even, you can pay the tds till i.e on or before the due date of filing of IT return. But you have pay interest on delayed payment.
If yes,then you have to deduct tds @ 10% on Rs.450000/-. If your liability is as on 31.03.10, then the due date for TDS payment is 31.05.2010.
Even, you can pay the tds till i.e on or before the due date of filing of IT return. But you have pay interest on delayed payment.
Shyam Lal Naik
(Expert)
24 May 2010
Penalty can also be imposed for delay in payment of TDS, in addition to interest.
24 May 2010
HAVE NOT SEEN PENALTY BEING IMPOSED FOR DELAYED PAYMENT IF THE PAYMENT IS MADE WITH INTEREST.
24 May 2010
HAVE NOT SEEN PENALTY BEING IMPOSED FOR DELAYED PAYMENT IF THE PAYMENT IS MADE WITH INTEREST.
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