Question { 7621 }

last financial year'2007-08 i have not deposit TDS amount
till today. can i deposit TDS amount now with interest.
please advise me.

Answer

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 Rs.45 for 69 days.

Interest for 69 days (from 8th November to 16th January ).

Interest is 1% per month. so 12% for 1 year.
2000*12%*69/365. = 45Rs.

So you have to pay Rs.2000 Tds and Rs.45 interest on 16 th Jan.

Question { 3596 }

If I am forget to deposit TDS of An Party than what's the
procedure to rectify it, Please mention in detail?

Answer

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

Question { OPI Global, 20514 }

Give some examples under sec. 80C? What is the maximum
limit ?

Answer

Under section 80C , 80CCC and 80CCD maximum limit is Rs.
1,00,000/-

Following are the example of 80C


1 )Payment of insurance premium of on the life of the
individual, the spouse or any child of
the individual.
2) Contribution made on any Provident Fund. This fund has to
be set up be Central govt and notified in official gazette
3) Subscription of security of the central govt or any such
deposit scheme as the Central Government may, by
notification in the Official Gazette,
4) Fees paid to university, college, school or other
educational institution. only for 2 children. Maximum Limit
1,00,000/- Please Note that aggregate amount of deduction
under section 80C , 80CCC and 80CCD shall not exceed Rs.
1,00,000/-
5)Any subscription made to any units of any Mutual Fund.
6)Any contribution made by an individual to any pension fund
set up by any Mutual Fund
7) Interest portion on Housing loan
8)Subscription to equity shares or debentures forming part
of any eligible issue of capital
9)Investment as a term deposit for a fixed period of not
less than five years with a scheduled bank. etc

Question { 34140 }

What will be a entry for TDS deducted on Salaries,
Directors Remuneration and Rent.

Answer

if Gross salary is 121000.

Journal entry will be.

By Salary A/C Dr Rs.121000
To Salary payable A/C cr Rs.109800
To Professional tax payable A/C cr Rs. 200
To Tds on salary A/C Cr Rs. 11000

Payment entry will be.
By Salary paid A/C dr Rs.109800
To Cash/ Bank A/C cr Rs.109800


For Rent entries are as follows.
IF rent is 21000

Journal entry will be.

By Rent A/C dr Rs.21000
To Rent payable A/C cr Rs.18900
To Tds on rent A/C cr Rs. 2100


Payment entry will be.
By Rent payable A/C dr Rs.18900
To Cash/ Bank A/C cr Rs.18900

Question { 5164 }

What is RTGS

Answer

The full form of RTGS is Real time gross settlment.