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If I am forget to deposit TDS of An Party than what's the
procedure to rectify it, Please mention in detail?
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Answer / soundar
Please remit the TDS alongwith Interest amount 12% per
annum for lated period ( Interest is your account i.e.
company account. You should recover from the Party )
| Is This Answer Correct ? | 2 Yes | 0 No |
You can deposit TDS amount along with interest.
Interest is 1% per month. (1% per month *12 months = 12%)
If Your are paying TDS of Rs.2000/- on professional fees in
January 16. which u r supposed to pay on or before November 7.
Then on Jan 16th you have to pay Tds amt Rs.2000/- along
with interest for 69 days (from 8th november to 16th January
it will become 69 days)
2000*12%/365*69 = 45 is the interest amt.
payable is tds + interest = 2000 + 45.
Please note that we can not collect the interest amt from
the party. As the paying of tds is our responsibility.
Regards,
Chandra.G
| Is This Answer Correct ? | 1 Yes | 0 No |
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MAY I PREPARE TAX INVOICE FROM MFG UNIT TO RETAILER DIRECTLY?
Liabilities: 2006 2007 Assets 2006 2007 Trade Creditiors 100 40 Cash atBank 100 65 Bills Payable 50 60 Account/R 105 120 Outstanding Expenses 25 20 B/R 130 140 Bonds Payable 220 140 Inventory 110 40 Accumulated Depreciation: Machinery 120 160 -on Machinery 30 35 Building 300 310 -On Building 75 85 Land 60 130 Reserves 100 115 Patents 55 60 Retained Earning 130 170 share Capital 250 360 Profit from operation after providing Rs.10,000as depreciation on building and Rs.10,000 on machinery and Rs.5,000 as amortization on patents for the year 'April 06- March07' was Rs.35,000. Other revenues for the year were Rs.40,000. An old machine with original cost of Rs.15,000 was sold at a loss of rs.5,000. Prepare Fund Flow Statment and Cash Flow Statment for the year ending March 31 2007 based on the information given above.
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