tds liability
This query is : Resolved
08 October 2010
my company is paying interest to GE Contry wide a nbfc now i want to know wether on this transaction liability to deduct tds arises or not
POOJA SACHDEVA
(Expert)
08 October 2010
Dear Suman
If Interest paid to Non Banking Financial Institute ,then tds liability near about @22.66% . If you can elaborate your question so i can easily give you complete answer
If Interest paid to Non Banking Financial Institute ,then tds liability near about @22.66% . If you can elaborate your question so i can easily give you complete answer
08 October 2010
thanks a lot mam . but mam GE country wide has taken 36 cheques in advance if now company had to deposite the tds the co will we in loss bcoz they have already taken advance cheques of entire amount without deduction of tds . pls do suggest what action to be taken now ?
CA Navin Jain
(Expert)
08 October 2010
FOR THE FINANCIAL YEAR 2010-11 TDS RATE IS 10% ( NO SURCHARGE AND CESS)
CA Navin Jain
(Expert)
08 October 2010
Dear Suman
u need to deduct tds and discuss with bank about tds, bank my refund.
as per normal practice when u issued tds certificate to bank, bank will refund same amount to you
u need to deduct tds and discuss with bank about tds, bank my refund.
as per normal practice when u issued tds certificate to bank, bank will refund same amount to you
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