Deposit is a borrowed capital. Depositor is an unsecured
creditor of the company. Return in form of interest is periodically paid by the
company to the depositor This letter is sent by the company to the depositor
when interest on deposit becomes due. This letter gives reference of deposit
receipt, amount of deposit, rate of interest, gross amount of interest, TDS
deduction and net amount payable. It also contains information about interest
warrant which is sent to the depositor alongwith this letter.
Sunrise Industries Limited
60/A,
V S. Khandekar Road,
Vile
Parle (W), Mumbai - 400056.
web:
http:7/www SunIndco.in
Tele:
022-61246871
Ref.
: D
38/2012 18th April,
2012.
Mr.
Sadashiv Mahadik
Sundar
Niwas, Opp: International School,
Manpada
Road, Dombivali (W) - 421202
Sub : Payment of interest
Dear Sir,
We
are enclosing herewith interest warrant No. 3356 dated 16th April,
2012 drawn on Indian Bank, Dombivali Branch, for Rs. 18,000/-
Details
of interest payment on your deposit are given below:
|
Interest
warrant No.
|
Receipt
No. A/c No.
|
Deposit
amount
|
Rate
of Interest
|
Gross
amount of interest
|
T.D.S.
@ 10%
|
Net
Amount
|
|
3356
|
2465
|
Rs.2,00,000/-
|
10%
|
Rs.20,000/-
|
Rs.2000
|
Rs.18000/-
|
TDS
certificate is enclosed for income tax purpose along with interest warrant.
Thanking
You,
Yours
faithfully,
For
Sunrise Industries Limited
End
- Interest
warrant Sd/-
TDS
certificate Secretary
NOTE:
Tax Deducted at Source (TDS) : TDS means tax deducted at source: The company deducts this TDS at the time of payment of interest. Under the Income Tax Act, 1961, tax will be directly deducted at source from the interest payable on the public deposits and net amount of interest will be payable to the depositors. TDS is to be deducted at the rate of 10% if the amount of interest in a financial year exceeds 10,000 (except listed Indian companies). If PAN No. is not given then double amount is deducted as TDS. i.e. 20%.
