TDS

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Murugesh (Querist)

10 December 2009 Dear All,

I have deducted TDS on Interest (com) at 10% instead of 20% from last two months ....Now i found that mistake...is it possible to remitt to the IT now...? and any Interest for that have to pay ?

Regards,

Murugesh

CA Anand Sarda

CA Anand Sarda (Expert)

10 December 2009 Dear Murugesh,

Since the financial year is not over, and u have not issued any TDS Certificate, u can deduct the interest @ 20% for last 2 months and remit to the authorities, but u have to pay interest to the authorities.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

10 December 2009 agree with experts, you can deduct TDS of Short of TDS in next Month.

Murugesh

Murugesh (Querist)

10 December 2009 Thank for ur kind reply....

Still i have not release the payment ...now i have adjusted the amount..For that amount can i remit now or next month?

Shyam Lal Naik

Shyam Lal Naik (Expert)

10 December 2009 The rate of TDS u/s 194A(ie. interest other than interest on securities is 10% w.e.f. 01.04.09. The rate was 20% upto 31.03.09, in case the deductee is a company.

You have deducted TDS correctly, albeit mistakenly.

No need to deduct further.

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