23 August 2014
Dear All, For Financial Year 2009-2010, What was the rate for interest on Short Deduction? & Interest on short Payment???? & How many month of interest will be calculation on above ????
# From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m. # For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m
Prior to 01-07-2010
# From FY 2006-07 onwards for delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.0% p.m
23 August 2014
I found Late payment interest details by ITD through Justification report but I m confused how ITD calculated it below men:-
Tax deposited : 60164.00 Date of Deduction: 30-JUN-2009 Date of Deposit: 08-JUL-2009 Due date: 07-JUL-2009 Months of Default: 01 Late Payment Interest till Date of Deposit of Tax: 602.00 Late Payment Interest from Date of Deposit of Tax till Date of Processing: 251.00
According to me Interest for 2 months should be calculated,as applicable for FY 13-14 & 14-15, When I am paying interest on Late payment due to delay in challan, thn why ITD calculated Late payment interest till the date of Data Processing??? Would I have to pay both the tax ( Late payment interest & Late payment Till processing date)????
29 August 2014
I mentioned above details through Justification Report, downloaded on 26.08.2014 for financial year 09-10. I thought in FY09-10 there might have been a different calculation on interest.......
29 August 2014
To the best of my knowledge there was no such provision. The " late payment interest from date of deposit of Tax till date of processing" is not logical.
CAclubindia
