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 |
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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