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Tds on interest

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(Querist)
13 January 2013 my supplier charge 325000 as interest on late payment is it tds applicable on that?
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CA Manish

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CA Manish (Expert)
14 January 2013 Yes, TDS is applicable @ 10% u/s 194A.
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Rahul kumar

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Rahul kumar (Querist)
14 January 2013 dear sir than what is journel entry passed by me.
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CA. RAGHAV GARG

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CA. RAGHAV GARG (Expert)
14 January 2013 Interest A/c Dr. 325000

TDS Payable Cr 32500
Party A/c Cr remaining

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