Tds payment along with interest due to delay

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Dear Sir/Madam,

             I am Ghanshyam. I am in a confusion in case of Deduction & Payment of TDS along with Interest.

The company in which I am an Accountant named Retailworx India Pvt Ltd had issued a PO of Rs.674160 for some Designing work to Axiom Consulting Pvt Ltd. Retailworx had made an advance payment of Rs.180000 on 24th April2013 for this purpose. It received an Invoice from Axiom for Rs.471912 on 2nd July2013. Retailworx further made a payment of Rs.200000 on 5th July2013 & balance of Rs.91912 was cleared on 13th July2013. The company had not deducted TDS on Professional in this case as  company's TAN Registration was still in progress. Now as I have been appointed as Accountant. I m a bit Confused on the Payment of TDS & it's Interest. I m going to make this payment on 6th of September2013 i.e., Today by evening when I get help from you. Please Help Me........


Attached File : 1138852 1228235 invoice new.pdf downloaded: 161 times
Replies (3)

TDS was required to be deducted at the time of making payments including the advances.

From the date the tax was deductible to the date on which such tax was deducted is to be considered here.

Dates of advances and other payments made, and the date of actual TDS deduction made. The interest shall be 1% per month or part thereof of the TDS amount. 

Advance made on dated 24-04-2013, You are required to deposit TDS on advance amount Rs.180000.00 (i.e. Rs.20000.00)

Bill submitted on dt . 02-07-2013    =Rs.471912.00

Less: Amount on which TDS

deduct able but not deducted           =Rs.200000.00

Balance amount on which TDS

to be deduct                                       =  Rs.271912.00

TDS @ 10%                                        =    Rs.27191.00

Total TDS will be deduct able = Rs.20000+Rs.27191 =Rs.47191.00

Interest for TDS ( from 25.04.13 to 06.09.13 & from 02.07.13 to 06.09.2013) =Rs.20000 X 1.5% X 6 month+ Rs.27191 X 1.5%X 3 month) = Rs.1800.00+Rs.1224.00 =Rs.3024.00

Total Amount of TDS & Interest =Rs.47191.00+Rs.3024.00 =Rs.50215.00

Thanks & Regards

 

 

pls explain how yu arrived Rs 2000/- for 180000/-, not clear.

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