Tds penalty

This query is : Resolved

Gaurav Ladhha (Querist)
Follow

08 July 2013 dear Sir,

I have taken an unsecured loan from market as on 1.7.12 on which i have to deduct tds @ 10 % on interest amount but i m not done anything and not deduct tds also. so can anyone tell me it is possible that now tds is to be deduct and if yes than what amount of penalty have to pay.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

08 July 2013 Deduct TDS now and submit the TDS amount along with penal interest on late deduction of TDS @1% of TDS amount and file the TDS return otherwise the amount of interest will be disallowed.

Message likes : 1 times

Gaurav Ladhha

Gaurav Ladhha (Querist)
Follow

08 July 2013 Can you please show me the calculation of tds penal ( In amount ) if possible... suppose the loan amount is 5 lakhs.
rate of interest 12%
TDS @ 10%

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

08 July 2013 Please tell me the interest amount and the date of crediting or payment of the interest amount.

Gaurav Ladhha

Gaurav Ladhha (Querist)
Follow

08 July 2013 Interest amount RS 45000/- ( 500000*12%=60000*9/12)month
date of payment last date of every month

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

08 July 2013 Have you made the payment of interest? If not book the entire interest on 31st March to reduce the interest liability. Otherwise if you have month wise payment then you will have to calculate the interest taking into consideration month wise interest booked/paid.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

R B Pethe

Dhananjay Patil

tpksathyan narayanan

Dhananjay Singh

HITESH PATEL

Subscribe Now

Tds penalty

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA