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A company has not deposited TDS since April 2010 till 31-12-
10. TDS amount is around 3.00 Lacs per month u/s 194c,J and
1.00 U/s 192. Can any one tell concequences and chart in
excel sheet how much to be deposited as on 31.12.2010 with
interest.
For each quarter - whether interest calculation is separate
or to take it cumulative. pls explain with qanswers and hoe
much panely , interest to be paid till 31.12.2010 also
inform the status of tds certificates to be issued and
panelty for the same for late issuance. i.e what shud be
the date of issuing the certificates to public & empoloyees.
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Answer / naveen krishna
As per the Income tax Act 1961 , The deducted TDS amount
U/s. 194 C, I should be remitted on or before 7th of the
succeding Month. In the case of April 2010 deduction should
be remitted before 07.05.2010.
In your case interest will be charged for non payment of
Dedcution amount @ 1 % P. M Upto May 2010 and after that @
1.5% P. M
April Collection Amount : 8 Months Interest charged
May Collection : 7 Months
June Collection : 6 Months Like.,
| Is This Answer Correct ? | 2 Yes | 0 No |
Case Study: Deepak Hand tools Private Limited DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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