TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2010 I have not deducted the TDS on contract like security A/c (security graud)monthly payment to security agency Rs. 32353 for the month of Oct, Nov, Dec.and now I want to deposit the whole TDS (including the jan month on 5th Feb.2010. How much interst I hve to pay at what rate and what amount I should pay.
Sol. Is my answere is correct
Amount =32353
TDS OCT= 32353*2.06%=667
Nov= 667
Dec= 667
Total 2001

Interset 1% 20
Jan TDS 667
===============
Total 2687
=================

What happened if jan TDS is not deducted and i want to deposit whole TDS in 5th March(with feb TDS).What interest rate,amount of interested and total TDS i should deposit.Iam accountant in a company having turnover over 25crore.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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05 February 2010 intt is on oct 667*3%
nov 667*2%
dec 667*1%

if you didn't deduct TDS whole exp will be disallowed.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 February 2010 Interest on tds delay payment is 1 % every month or part of the month

Querist : Anonymous

Querist : Anonymous (Querist)

10 February 2010 IsTDS is applicable when Rent paid to employees by the company is less than Rs 120000 pa

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 February 2010 No tds is not applicable for rent up to Rs.120000 p.a

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