Int on late payment of tds
This query is : Resolved
21 January 2014
Gd aftrn.
one of ma client has received TDS notice for 2012_13 for late interest.They have made payments under 26Q for two quarter together..whether it will be a problem while filing return?
HUZAIFA HUSSAIN
(Expert)
21 January 2014
TDS IS TO BE DEPOSITED IN SPECIFIED PERIOD IE., WITHIN 7 DAYS OF THE NEXT MONTH IN WHICH TDS IS DEDUCTED. OR IN CASE OF SALARY TDS, IT IS TO BE DEPOSITED WITHIN 5 DAYS OF PAYMENT OF SALARY.
SINCE IN YOUR CASE TDS IS PAID FOR TWO QTRS AT ONCE, INTEREST @1.5% PM IS CHARGED FOR LATE PAYMENT OF TAX
SINCE IN YOUR CASE TDS IS PAID FOR TWO QTRS AT ONCE, INTEREST @1.5% PM IS CHARGED FOR LATE PAYMENT OF TAX
AVTAR SINGH
(Expert)
21 January 2014
All sums deducted in accordance with the provisions of Chapter XVII-B by deductors other than an office of the Government shall be paid to the credit of the Central Government -
(a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
(b) in any other case, on or before seven days from the end of the month in which the deduction is made.
In case the assessee deposits the TDS Payment after the due date, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. I must mention that Interest @ 1.5% is liable to be paid from the date on which the TDS was deducted and not from the date the TDS was due.
For example,if TDS was deducted on 21st January then due date for TDS Payment was 7th February. If the assessee fails to deposit the TDS by 7th Feb., in such a case, the Interest would be calculated from 21st Jan and not from 7th Feb.
(a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
(b) in any other case, on or before seven days from the end of the month in which the deduction is made.
In case the assessee deposits the TDS Payment after the due date, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. I must mention that Interest @ 1.5% is liable to be paid from the date on which the TDS was deducted and not from the date the TDS was due.
For example,if TDS was deducted on 21st January then due date for TDS Payment was 7th February. If the assessee fails to deposit the TDS by 7th Feb., in such a case, the Interest would be calculated from 21st Jan and not from 7th Feb.
Nikhil Kaushik
(Expert)
21 January 2014
Well. You need to mention the same challan in both returns and apportion the relevant amounts in the deductee sheet
Nikhil Kaushik
(Expert)
22 January 2014
@husain...can u please share the notification or circular wherein tax needs to be deposited within 5 days of payment of salary..would help in updating my database..
HUZAIFA HUSSAIN
(Expert)
22 January 2014
you need a separate challan for each section payment
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