umesh (Student CA Final ) (147 Points)
14 November 2014i have made a payment to a broker for Rs 92697 on 24/10/2013 but failed to deduct tds
but if now i wanna make the payment of tds what is the amount of interest that will attract for non deduction and non payment....in short what amount should i pay to dept ..??
THANKS IN ANTICIPATION
Somnath Sharma
(Practicing Chartered Accountant)
(81 Points)
Replied 14 November 2014
In this case if you book the expenses on the same date no late deduction would be payable only late deposit interest will be required to be paid @ 1.5 % as follows :
Payment date 24/10/13 exp book date : 24/10/13
Late deduction intt - NIL
Late deposit interest : for oct 13 to nov 14 - 14 month*1.5% total 21% 92697*21% = 19467 Rs
TDS amount - 9270. if return has not been filed, panelty u/s 234E = 200 per day or 9270 whichever is lower i.e. 9270. total payment required to be made 38007/- if return already filed for that quarter than revise the return and total amount for tds deposit = 28737.
umesh
(Student CA Final )
(147 Points)
Replied 14 November 2014
sir 1st of all thanks for your instant reply...
acc to me if i am not wrong sir interest calculation will be made on the amount of tds...u hav calculated it on entire amount...
Somnath Sharma
(Practicing Chartered Accountant)
(81 Points)
Replied 14 November 2014
VENKATA NAIDU
(ACCOUNANT)
(25 Points)
Replied 10 September 2015
Dear sir,
rice brokrage bill 25/5/2015 toal amount 115000/- paid (103500) on 10-6-2015
TDS amount 11500 not paid tds amount
Pls calucation interest in days.
CAclubindia
