tds deductions

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Rahul (Querist)
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24 April 2008 Hi, I have taken a loan from our parent (from USA) company in 2003, each year we do provision of interest in our book, now we have to re-pay total amount with intterest. The question is = i) How do we deposit the tds for interest for the year ended 2004, 2005 and so on till the date? how much panalties to be there etc. At that time we just make a entry of provision of interest and nither deducted TDS nor deposited.

pushpendra

pushpendra (Expert)
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24 April 2008 Intt is paid at the rate specified in the act for the period in question . You will be assessee in default U/s 221(1) and penalty will be such amount as the Assessing Officer may impose sub. to maximum of tax in arrears and for non filing of TDS return penalty will be Rs. 100 per day duting which default continues subject to maximum amount of tax deductible.