Interest on Tds

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shikha (Querist)
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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 ......

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 April 2010 YOU CAN DEPOSIT THE INTEREST AMOUNT THROUGH A SEPARATE CHALLAN.

shikha

shikha (Querist)
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12 April 2010 thanks
can i deposit it now i mean at april 2010 month for the year 2009-2010????

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 April 2010 YES YOU CAN.
EVEN FOR TDS DEPOSIT DUE DATE IS 7TH APRIL (FOR TDS DEDUCTED UPTO 30TH MARCH) AND 31ST MAY (FOR TDS OF 31ST MARCH).

REGARDS

shikha

shikha (Querist)
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12 April 2010 THANKS A LOT

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 April 2010 MY PLEASURE........

shikha

shikha (Querist)
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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 ?/?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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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.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

shikha

shikha (Querist)
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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