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Urgent please

sanju (Accountant) (348 Points)

04 July 2011

friends

for the quarter of 1-1-2011 to 31-3-2011, we deduct tds while paying rent to our building owner but we didnt deposit tds amount, now we are thinking to pay tds along inyerest, can any body tell me what is the interest payable? iam furnishing the details

monthly rent- 15000

tds--1500

i got interest payable+ tds amount = 4710 pls any answere me is correct or not

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5 Replies

jaganathan (accounts executive) (272 Points)
Replied 04 July 2011

Interest for late payment of Tds is 1.5% per month.

January Tds to be paid before 7th February if it delayed one day one month interest for the payment paid on or before 7th March so on

In your case:

for January tds Rs.1500X1.5%X5(upto 7th July) is Rs.113/-, February Rs.1500X1.5%X4(upto 7th July) is Rs.90/-, March tds Rs.1500X1.5%X3(upto 7th July) is Rs.68/-

Total Tds Rs.4500/- + Interest Rs.271/- is 4771/-

* Krishna * (CA Student) (6149 Points)
Replied 04 July 2011

In my view, if the amount of income/aggregate of amounts of income paid/likely to be paid during the financial year to the account of the payee does not exceed 1,80,000/-, no deduction of tax is required. Let others comment.

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 04 July 2011

Originally posted by : Krishna
	In my view, if the amount of income/aggregate of amounts of income paid/likely to be paid during the financial year to the account of the payee does not exceed 1,80,000/-, no deduction of tax is required. Let others comment.

agreed

(Guest)

Originally posted by : Krishna
	In my view, if the amount of income/aggregate of amounts of income paid/likely to be paid during the financial year to the account of the payee does not exceed 1,80,000/-, no deduction of tax is required. Let others comment.

Fully agreed from above comment