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Interest on tds on non banking

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This query is : Resolved

Narendra Rewatkar (Querist)
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24 April 2015 Dear sir

I have maintained a accounts of builders. They have taken a loan from religare finvest co. and they have been paying a EMI with Interest. On interest amount a have to pay TDS but I didn’t paid tds on that amount upto March 2015. But now I have pay to tds on total interest amount form April, so I can pay tds with 1% late deduction Interest in 4th qtr.

Please tell me its urgent.

Thanks and Regards
Narendra Rewatkar.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 April 2015 If you had not deducted the TDS at the time of payment or credit of interest and you are deducting TDS now then you need to pay interest on late deduction of TDS @ 1% per month or part thereof.

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