Tds interest rate 1% or 1.5%

This query is : Resolved

Shilpa Baid (Querist)
Follow

02 June 2015 Sir,

Please help me regard this issue.
One company deduactor (X) paid to contract which is company deductee (Y).
for the FY 2014-15 whole year X CO. paid full bill amount without deducting TDS.
Later on FY 2015-16 Company X comes to know this mistake in may 2015 and deposit tds amount with 1% int to govt for 14 month. and send debit note to Com Y for tds amount reimbursement.

Is this corretive step is OK or some additional things to take care.

Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

02 June 2015 This is OK. 1.50% interest applicable only when tds deducted amount is not remitted.

Shilpa Baid

Shilpa Baid (Querist)
Follow

02 June 2015 Sir,

Thanks for your quick reply.

TDS software is showing gross amount and net amount for filling return.

actually for this software i have to show in return every month TDS deducted and to pay int for whole year 2014-15.

are any remedy for this.

Thanks