TDS

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Murugesh (Querist)
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10 December 2009 Dear All,

I have deducted TDS on Interest (com) at 10% instead of 20% from last two months ....Now i found that mistake...is it possible to remitt to the IT now...? and any Interest for that have to pay ?

Regards,

Murugesh

CA Anand Sarda

CA Anand Sarda (Expert)
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10 December 2009 Dear Murugesh,

Since the financial year is not over, and u have not issued any TDS Certificate, u can deduct the interest @ 20% for last 2 months and remit to the authorities, but u have to pay interest to the authorities.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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10 December 2009 agree with experts, you can deduct TDS of Short of TDS in next Month.

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Murugesh

Murugesh (Querist)
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10 December 2009 Thank for ur kind reply....

Still i have not release the payment ...now i have adjusted the amount..For that amount can i remit now or next month?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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10 December 2009 The rate of TDS u/s 194A(ie. interest other than interest on securities is 10% w.e.f. 01.04.09. The rate was 20% upto 31.03.09, in case the deductee is a company.

You have deducted TDS correctly, albeit mistakenly.

No need to deduct further.