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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 Posted / chandra.g
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
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