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(Querist)
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.
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CMA.Palani Arumugam

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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.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
24 May 2010 Penalty can also be imposed for delay in payment of TDS, in addition to interest.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
24 May 2010 HAVE NOT SEEN PENALTY BEING IMPOSED FOR DELAYED PAYMENT IF THE PAYMENT IS MADE WITH INTEREST.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
24 May 2010 HAVE NOT SEEN PENALTY BEING IMPOSED FOR DELAYED PAYMENT IF THE PAYMENT IS MADE WITH INTEREST.
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