vamsi netha (Sr Accountant) (57 Points)
06 March 2013Hi,
In advarently we have been deducting TDS @ 2% on rent on Furnitures and Fixtures but this would have been @ 10% (From Aug 2012 till date). Please help us in calculating Interest on short deduction of TDS. do we need to pay Interest @ 1% or 1.5%.Thanks in advance.
Ankit Agrawal
(Job)
(39 Points)
Replied 06 March 2013
Till Date of Deduction of Remaining 8% TDS interest will be calculate from 1% P.M. for a month or part thereof, and thereafter if delay in deposit to credit of Govt. then 1.5 % P.M. for a month or part thereof, from the date of Deduction to till date of Deposit,
For ex. if reamin 8 % deducted on 28/02/2013 but should be deducted on 01/08/2012 thenInterest on TDS = Amount of TDS*1.5%*7Months
it should be deposited till 7th march 2013 if delay in deposit then interest will also be Charged.
vamsi netha
(Sr Accountant)
(57 Points)
Replied 11 March 2013
Hello Sir,
Thank you for givin me the resolution. I have other issue related to this. I little confused whether to re file etds returns or just file these like regulare tds.
For example for the Quarter Aug-Oct do we need to file revised etds return? if yes i am not sure how do i incorporate that in the old return. lets say for party 'X' we have paid TDS @ 2% and now we are paying balance 8% with interest how do i insert new challan details and how do i show the interest portion on that.
If you have any guidance please help me.
Thanks.
Vamsi.
vamsi netha
(Sr Accountant)
(57 Points)
Replied 11 March 2013
Hello Sir,
Thank you for givin me the resolution. I have other issue related to this. I little confused whether to re file etds returns or just file these like regulare tds.
For example for the Quarter Aug-Oct do we need to file revised etds return? if yes i am not sure how do i incorporate that in the old return. lets say for party 'X' we have paid TDS @ 2% and now we are paying balance 8% with interest how do i insert new challan details and how do i show the interest portion on that.
If you have any guidance please help me.
Thanks.
Vamsi.
CA.D.RAGAVAN
(CHARTERED ACCOUNTANTS)
(219 Points)
Replied 11 March 2013
You Have to File Correction Statement for all the Quarters. While entering the Challan, Interest has to be filled in Interest Column which will not reflect in the Deductee's Portion. Only the 8% deducted will be shown. You Can Proceed from there
vamsi netha
(Sr Accountant)
(57 Points)
Replied 11 March 2013
Hello Sir,
Thank you for the reply,
We have paid rent for three months Aug,Sep and Oct (for 3 differnt parties seperately)do we need to pay the Balance TDS and Interest seperately for each month for each party seperately or 1 payment for a quarter is sufficient. If we pay consolidated payment for all the 3 parties for all the three months does it create problem in filing corrected etds return?
CA.D.RAGAVAN
(CHARTERED ACCOUNTANTS)
(219 Points)
Replied 11 March 2013
One Payment For all the 3 Parties including Interest For Quarter Ending Sep. And Another Payment for all all the 3 Parties including Interest For Quarter Ending Dec. The Data Entry for Deduction is to be entered for each Challan and there will not create any problem.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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