TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2011
When TDS should be deducted on interest,booked on 31st march.The interest is payble on delay payment to creditors for purchase of goods on different dates during the F/Y for which payment has already made (for goods only).Eg. Goods purchase on 1-7-2010 for Rs. 100000.The amount is payble within 30 days i.e on 31 July otherwise interest is payble @18% pa after 30 day of billing. Payment of Rs. 100000 is made on 30 oct 2010.Now interest is booked on 31 march 2011 of Rs. 4500 in TDS deducted of Rs. 450 on 31 mar 2011. Is it correct? Total interes credited to the creditor on 31 march 2011 is Rs 435000.
01 July 2011
As interest does not exceed the prescribed limit of interest i.e.5000 , you were not supposed to deduct any TDS. Better you pay the amount to the creditor.
In this case interest would have been credited at the time of payment.
Interest on TDS is required to be paid from the date of credit or payment to the creditor to the date of actual deposit of the amount.
In this case interest would have been credited at the time of payment.
Interest on TDS is required to be paid from the date of credit or payment to the creditor to the date of actual deposit of the amount.
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