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Tds

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25 August 2011 Dear sir,

we are civil contractors, FY2010-11 we forgot TDS Deduction from our sub contractors and till we not paid their amount. can we pay the tds now? what is the process.and what is the account treatment now

25 August 2011 U can pay by preparing challan for entire amount including interest.U have to reduce payable amount to Sub Contractors by passing below entry....................

Sub Contractors a/c Dr
To TDS Payable a/c

25 August 2011 Interest will apply on delay payment of interest @ 1.50% per month or part of the month




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