CA SUBBIAH K (SENIOR MANAGER - F&A) (105 Points)
17 January 2009hi friends pls clarify the following query..
Professional charges Invoice has been raised on 15.4.08, i booked that invoice & credited the party a/c on 16.04.08 without deducting TDS.
on 25.08.08 only i came to know that i would have to deduct tds and on that date pass the entry as below
Party a/c Dr. xxx
To TDS payable a/c xxx
and paid the same on 09.09.08...
my question is if there is any delay in remitting the tds amount. if so how many days explain.
yogesh dave
(service)
(376 Points)
Replied 17 January 2009
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 17 January 2009
U/s 201(1A)If the person fails to pay the TDS amount after deducting the same , he is liable to pay interest on late payment of TDS @ 1% per month and part thereof.
In the above case u have to pay interest for Five month (
May, June, July, August and September.)
CAclubindia
