Tds on interest

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raghuraman

Senior Assistant

37 Points Posted on 23 November 2015

Some individual HUF gave a loan to a business company. The company is decided to give a interest for that for the f.y. 2014-15 as provisional entry and TDS also deducted on interest @ 10%. Since it is only a provisional entry on 31.03.2015 the TDS amount was not paid and it will be paid this month only. My question is

1. What is the interest rate on late remittance of TDS & penalty for late filing of eTDS return after remitting the same?

2. The individual HUF is not filed the IT return for the year 2014-15 and it is also in November 2015 only. Whether this provisional entry is allowed or not.

Replies (2)

CA ANKUR AGRAWAL

PARTNER

25 Points Posted on 25 November 2015

Please Check, if Interset payee is not required to get thei account audit then no need to deduct TDS, Otherwise Interest on late payment @ 1.5% for 9 months and late tds return filing fees of rs. 200 per day from 15 july to return filing date maximum to tds amount, is payable.

Ruchi

1075 Points Posted on 26 November 2015

The payment is made by a company hence liable to deduct tds whether audited or not. If the tds return was already filed then it will have to be revised. No late return filing fees will be applicable then.