12 April 2010
Hi friends plz help me...... I joined a Construction company on 4th feb'2010. When i joined there i came to know there was so much tds miscalculation ........ we were making payment for security guards Rs.7500/- p.m & tds u/s 194C should be deducted. so i calculated the tds for whole year & deposited it before 31st march 2010. now problem is i forgot to deposit interest on the above tds before 31st march 2010. can any1 plz help me & advice wat should i do now for that interest? is there any remidy or way ......
12 April 2010
:) thanks dear but payment was made till februaury'2010. rs.7500/- per month ..... so i should calculate interst after exceeding payment 50,000 or right from starting ......... & i can deposit the interest on 15th april 2010 for the payment made till feb'2010 right ?/?
12 April 2010
The contract is a long term contract. The contract amount is likely to exceed Rs. 20K annually. The criterion of Rs. 5oK is not applicable in the instant case.
Interest shall be calculated right from the beginning.
Interest can be deposited any time. It is advisable to prepare challan quarterwise.
12 April 2010
YES YOU CAN DEPOSIT THE INTEREST ON 15TH APRIL 2010. THE INTEREST SHOULD BE CALCULATED FROM THE DATE AMOUNT EXCEEDS THE THRESHOLD LIMIT, BUT TDS SHOULD ALSO BE DEDUCTED ON THE DATE WHEN THE THRESHOLD LIMIT IS CROSSED.
12 April 2010
thanks a lot to both of you ........ Shyam Lal ji... ur right but here its a payment mmade to secuity gurads bill coms monthly & we can cancel the contract anytime........ so we cancelled it in feb'2010 only
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