Dear Sir, Actually i have to remitt the TDS for the month of April-09 onwards. What is the allowable due date for remitt the same with interest?
MADHU SUDHAN K (SR.ACCOUNTANT) (74 Points)
23 February 2010Dear Sir, Actually i have to remitt the TDS for the month of April-09 onwards. What is the allowable due date for remitt the same with interest?
Amir
(Learner)
(4016 Points)
Replied 23 February 2010
Dear Sir,
Since u have not deposited it in due date so no question of another due date.....
Interest is to be CALCULATED as follows--
Amount = TDS
Rate = 1% per month or part thereof
Period = From Due Date of Deposit to Actual Date of Deposit
ONLY THING IS IF U DEPOSIT IT BEFORE 31.03.2010 THEN THE EXPENSES WILL BE ALLOWED AS DEDUCTION DURING 2009-2010 otherwise the year in which u deposit the amount of tds.
FURTHER, BE PREPARED AO MAY IMPOSE A PENALTY EQUAL TO THE AMOUNT OF TDS IN DEFAULT IF U COULDM'T JUSTIFY THE DELAY..........
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 23 February 2010
| DUE DATE TO DEPOSIT TDS(TAX DEDUCTED AT SOURCE. | |
| Section | Descripttion |
| 192 | Deducted From salary |
| case-1 | In Case of Govt employess on same day without production of challan |
| case-2 | In case of other employees,with one wwek from the last day of the month in which the deduction is made |
| 193 | Interest on securities |
| 194A | interest other than securities |
| 194C | payment to contractors /sub contractors |
| 194D | insurance commission |
| 194G | Commission on lottery ticket sale |
| 194H | commission & brokerage |
| 194I | rent |
| 194J | fess for professional or technical services |
| 195 | payment to Non resident |
| CASE-1 | Where the amount is credited by a person to the account of the payee as on the date upto which accounts of such person are made,the tax deducted has to be deposited with 2 months from the emd of the month in which such dates falls. |
| CASE-2 | In any other case, tax deducted has to be deposited with one week from the the last day of the month in which the deduction is made. |
| 194 | Dividends |
| 194B | winning from lotteries,crossword puzzles |
| 194BB | winning from horce races |
| 194F | repurchase of units by Mutual funds/UTI |
| 194EE | Payment of NSS |
| Due date | with one week from the the last day of the month in which the deduction is made. |
Interest on late payment of TDS, is applicable at following rates by simple interest rate method.
A) period prior to 01.04.08 interest is chargeable @ 12 per cent per annum.
B) after .01.04.08 interest is chargeable @ 1 per cent for every month or part of the month ,means full month interest will be charged for fraction period of month
other points
regards,
ratan
Ameet
(L)
(1678 Points)
Replied 23 February 2010
Accd to me, Normally the due date for deposit is withing 7 th day of next month. April'09 to Feb'10 should be deposited in march'10 to claim the deduction of exps for that year. For the month of March'10 should be deposited before filing of return.
If there is provision of exps on last day of march then it is to be deposited before the filing of return.
Interest to be calulated as from the due date to Actual date of deposit at the rate of 1% of tax.
Becarefull abt this provisions, now a days TDS Dept regular in issuing notice so be prepare in advance and honestly deposit interest.
Ameet
(L)
(1678 Points)
Replied 23 February 2010
Accd to me, Normally the due date for deposit is withing 7 th day of next month. April'09 to Feb'10 should be deposited in march'10 to claim the deduction of exps for that year. For the month of March'10 should be deposited before filing of return.
If there is provision of exps on last day of march then it is to be deposited before the filing of return.
Interest to be calulated as from the due date to Actual date of deposit at the rate of 1% of tax.
Becarefull abt this provisions, now a days TDS Dept regular in issuing notice so be prepare in advance and honestly deposit interest.
Ameet
(L)
(1678 Points)
Replied 23 February 2010
Accd to me, Normally the due date for deposit is withing 7 th day of next month. April'09 to Feb'10 should be deposited in march'10 to claim the deduction of exps for that year. For the month of March'10 should be deposited before filing of return.
If there is provision of exps on last day of march then it is to be deposited before the filing of return.
Interest to be calulated as from the due date to Actual date of deposit at the rate of 1% of tax.
Becarefull abt this provisions, now a days TDS Dept regular in issuing notice so be prepare in advance and honestly deposit interest.
Sumiti Jain
(FP)
(1364 Points)
Replied 24 February 2010
yes the due date of filing the TDS Return is 7th day of next month. but if u deduct on 31st March u have time period of 2 months to deposit.otherwise interest for late deposit which have been discussed above
CMA Ramesh Krishnan
(Cost & Management Accountant)
(71474 Points)
Replied 24 February 2010
On or before 31.3.2010 with 1 % interest per month or part of the month
saravanan
(auditor)
(35 Points)
Replied 07 April 2010
please answer coreectly and simply
what is due date for paying TDS deducted up to FEB 10 ?
What is due date for march 10 due ?
What is due date for march 31due ?
chandra sekaran
(chartered accountant)
(44 Points)
Replied 07 April 2010
Now from AY 2010-11 onwards, Tax deducted during the previous year (Not only march) can be deposited on or before the due date for filing return of income as given in explanation to Sec 139(1) with interest in order to alienate the hardship of disallowance of expenditure under section 40a (ia).
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 10 April 2010
| Originally posted by : saravanan | ||
 |
please answer coreectly and simply what is due date for paying TDS deducted up to FEB 10 ? What is due date for march 10 due ? What is due date for march 31due ? |
 |
for Feb 10 - Due date is 7th March 2010
for march 10 due date is 7th april 2010
for march 31, due date is 31st May 2010
:-)
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