Tds on interest

venkat (Accountant) (222 Points)

17 November 2011  

Respected Sirs,

I would like to know one thing.My bose is individual.

My bose taken a loan from individual for the F.Y.2010-2011 and paying interest thereon.The interest amount croses 10000

Therefore, I have to deduct TDS @ 10%.But I have not deducted TDS on Interest paid under 194A.Should I deduct TDS now for the F.Y.2010-2011,because due date of filing return for individual is 31july The other person had not filed his return for the F.Y.2010-2011.He asks TDS Certificate.Shoud I deduct TDS now and issue certificate.and what is the penalty (interest rate on late payment of TDS)

Please give me advice in this regard urgently

Thanks to all