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Urgent please

TDS 571 views 5 replies

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

Replies (5)

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/-
 

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.

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              

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 

Hi krishna, I agree with you but in this case they deducted tds but not remitted.


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