Tds deduction & late interest

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E. SATHISH (Querist)
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27 June 2012 Hi,

we have issued cheques various dates to a broker for commission. From june 2011 to march 2012 of Rs. 143000/-. we forget to deduct TDS from him and remit to govt. When should we deduct TDS from him and how to calculate late interest upto June 2012.
Pls clarify ........

thanks.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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27 June 2012 If you want to claim the expense in the F.Y 2011-12 then you should deduct the TDS on 31st march 2012(back dated) and pay to govt on or before 30th september 2012 to reduce the interest cost.
If you want to claim the expense in the next year then you can deduct the tds when you want to deposit it to the govt.

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C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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27 June 2012 your should pay interest on late depoisted of TDS @ 1.5per month from cheque issued to broker to tds depoisted.

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