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Submit tds return for 2012-13

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Avinash Gupta

Accountant

24 Points Posted on 14 August 2013

I forgot to submit TDS return for the financial year 2012-13 for interest on laon taken from bajaj finserv lending and even I did not deduct and pay any TDS on interest,

so if i will sumbit TDS return now,

Is there any penaly and interst will be charge, if yes, the how much, , like if i have paid interest on loan Rs. 200000 (approx) and tds should be deduct around 20000, then how much should i pay for it, with interest and penalty.

Replies (2)

Sachin Rajput

account exe

512 Points Posted on 14 August 2013

no need to deduct tds on intrest on loan if comapny by which u have taken loan coverd under :

(a) any banking company to which the Banking Regulation Act, 1949 (10 of 1949 ), applies, or any co- operative society engaged in carrying on the business of banking (including a co- operative land mortgage bank),

or (b) any financial corporation established by or under a Central, State or Provincial Act, or (c) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956 ),

or (d) the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963 ),

or (e) any company or co- operative society carrying on the business of insurance,

or (f) 2[ such other institution, association or body 3[ or class of institutions, associations or bodies] which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette;