Tds calculation

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Nitesh (Querist)
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08 October 2012 WE PAID RENT FROM APRIL TO SEP. ON WHICH WE FORGET TO DEDUCT TDS. NOW I WANT TO KNOW WHAT WILL BE THE INTEREST ON TDS....I KNOW TWO WAYS TO CALCULATE INTEREST..
1. INTEREST 1% FROM THE DATE OF DEDUCTIBLE TO ACTUAL DEDUCTION OR
2. INTEREST 1.5% FROM THE DATE OF DEDUCTION TO ACTUAL DEPOSIT.

IF I CALCULATE BOTH INTEREST THEN IS IT POSSIBLE THAT I HAVE NO NEED TO FILE REVISED TDS RETURN FOR 1ST QUARTER.

PLS HELP..

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 October 2012 In any case you will have to file revised TDS return for 1st Quarter incorporating the deductions as mentioned above. Also deposit the TDS through separate challan for each quarter i.e., do not deposit the TDS of both quarter in one single challan. Rate of interest will be 1% since it is a case of late deduction.

Nitesh

Nitesh (Querist)
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08 October 2012 THANKS....BUT IF I SAID THAT I HAVE BOOKED TDS IN EVERY MONTH BUT NOT DEPOSITED AND NOT INCORPORATE IN RETURN THEN WHAT WILL BE THE INTEREST RATE 1% OR 1.5%...OR BOTH...
ACTUALLY I HAVE BOOKED SOME EXP. IN SEP WITH RETROSPECTIVE EFFECT FROM APRIL...THEN WHAT WILL BE THE INTEREST ON TDS...CAN I CONSIDER IT AS LATE DEPOSIT..OR BOTH LATE DEDUCTION AS WELL AS LATE DEPOSIT...
PLS HELP...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 October 2012 In that case interest has to be paid @1.5% p.m. as it amount to late deposit. In no case both 1% and 1.5% is required to be paid. Its always either 1% or 1.5%.

Nitesh

Nitesh (Querist)
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08 October 2012 THANKS....

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