TDS provision

hi friends pls clarify the following query..

Professional charges Invoice has been raised on 15.4.08,  i booked that invoice & credited the party a/c on 16.04.08 without deducting TDS.

on 25.08.08 only i came to know that i would have to deduct tds and on that date pass the entry as below

Party a/c  Dr.           xxx

      To TDS payable a/c              xxx

and paid the same on 09.09.08...

my question is if there is any delay in remitting the tds amount. if so how many days explain.

 

 

Replies (2)
on or before 31st March of that particular FY with interest otherwise the expenses incurred / payment made and debited to P & L A/c will be disallowed as expenditure.

U/s 201(1A)If the person fails to pay the TDS amount after deducting the same , he is liable to pay interest on late payment of TDS  @ 1% per month and part thereof.

In the above case u have to pay interest for Five month (

May, June, July, August and September.)

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