Tds on interest payable for f.y. 2014-15

This query is : Resolved

MANOJ (Querist)
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29 September 2015 Dear Sir,

We have taken Loan from corporate in 14/15 against which they had charged interest (as per verbal discussion) @ 8% & we have deducted tds @10%.

But now they have finally decide to charge interest @ 12%. & they had finalised there books & they said it cant be change now.

(We haven't paid ANY INTEREST yet).

so, now we are confused, as closing date is 30/9/15.

Can we show Interest payable for 14/15 in current year of 15/16?

Can we deduct TDS accordingly?

Or We should deduct tds on loan interest of 14/15 with late payment on TDS.

what about TDS Return?

Pls Guide us at the earliest.

Regards

Prashanth

Prashanth (Expert)
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29 September 2015 Hi,
Charge Interest @ 12% (i.e. diff of 4%) from the date on interest payable and accordingly deduct the TDS, then file the revised TDS return for the respective quarters.

Note:Pay interest @1% PM for short decution of TDS.

Let me know if your query have been resolved.

MANOJ

MANOJ (Querist)
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29 September 2015 Thanks for your Reply,

my query is resolved.

Pls confirm whether Interest on late payment of Tds is 1.5% or 1%.

Thanks & Regards

Prashanth

Prashanth (Expert)
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29 September 2015 Hi,
Interest 1% for late deduction and late payment is 1.5% and its per month.

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