Tds interest rate 1% or 1.5%

This query is : Resolved

Shilpa Baid (Querist)
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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)
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02 June 2015 This is OK. 1.50% interest applicable only when tds deducted amount is not remitted.

Shilpa Baid

Shilpa Baid (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 June 2015 You can try downloading software from TRACES.

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