Tds payment calculation
This query is : Resolved
23 June 2014
Can anybody tell me, If I have made a payment to Subcontractor rs. 36000 in April' 2014 , Rs. 10000 on 02/05/2014 , Rs. 5000 on 10/05/2014 & 8000 on 16/05/2014 , & a bill was received on 31/05/2014 valued Rs. 129950 , So Please show me the TDS payment Details , or how much amount i have ta pay with interest , ....
Please
Please
23 June 2014
Deduct TDS U/s. 194C
if the payments made by you were advance for the bill dt 31.05.2014
then
TDS = 129950 X 1% or 2% (as the case may be)
Interest amount also depends on the TDS but here since your rate is not confirm so the same cannot be calculated till then
note: 1% is for Individual & HUF
and 2% is for person other than above.
if the payments made by you were advance for the bill dt 31.05.2014
then
TDS = 129950 X 1% or 2% (as the case may be)
Interest amount also depends on the TDS but here since your rate is not confirm so the same cannot be calculated till then
note: 1% is for Individual & HUF
and 2% is for person other than above.
23 June 2014
Then no require to make the TDS payment as advance basis, I can make the payment as per Bill, TDS rate is 1 %.
23 June 2014
If the bill date is 06.06.2014 , Then what will be Total TDS payment Amount. ?
23 June 2014
TDS amount will be Rs. 1300
23 June 2014
& Interest Amt will be Rs.23 (for advance payments on which TDS has not been considered)
23 June 2014
Days
36000 if paid on 01/04/2014
10000 - paid on 02/05/2014
5000 10/05/2014
8000 16/05/2014
59000 TDS = 59000 X 1% = 590
Delay in payment
for advances are as follows
for 36000 - 83 Days i.e 3 months (fraction to be rounded off on upper side)
& like wise for all
TDS for 36000 = 36000 X 1% = 360
Interest = 360 X 1.5% X 3 = Rs.16
& Like wise you can calculate for all
Total TDS to be paid = 1300
Interest = Rs.23
= 1323/-
36000 if paid on 01/04/2014
10000 - paid on 02/05/2014
5000 10/05/2014
8000 16/05/2014
59000 TDS = 59000 X 1% = 590
Delay in payment
for advances are as follows
for 36000 - 83 Days i.e 3 months (fraction to be rounded off on upper side)
& like wise for all
TDS for 36000 = 36000 X 1% = 360
Interest = 360 X 1.5% X 3 = Rs.16
& Like wise you can calculate for all
Total TDS to be paid = 1300
Interest = Rs.23
= 1323/-
23 June 2014
Note :
1. Interest Rate is 1.5% per month
2. I have calculated difference in days till today but Interest will be same if paid up till 30/06/2014.
1. Interest Rate is 1.5% per month
2. I have calculated difference in days till today but Interest will be same if paid up till 30/06/2014.
23 June 2014
Also
if the bill date is 31.05.2014 then TDS have to be paid till 07/06/2014
then Interest on balance is also required if not paid
TDS = 1300 - 590 (alrdy deducted)
= 710
Interest = 710 X 1.5% X 1 = Rs.11
but if the bill date is 06.06.14
then payment of balance can be done till 07.07.14
if the bill date is 31.05.2014 then TDS have to be paid till 07/06/2014
then Interest on balance is also required if not paid
TDS = 1300 - 590 (alrdy deducted)
= 710
Interest = 710 X 1.5% X 1 = Rs.11
but if the bill date is 06.06.14
then payment of balance can be done till 07.07.14
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
