Dear all,
help me out on this query as mentioned below.
Actual Date of Credit/payment - 31/01/2014 (Ideal date of deduction But not showed in TDS Return)
Date of TDS deducted - 28/02/2014 (also showed as date of credit/payment in TDS return)
Date of TDS payment to Govt - 05/03/2014 as showing that TDS was related to the month of February but actually it is related to month of January, 2014
Now in the month of November, 2014 observed by auditor that it is case of Late deduction of TDS. So now how Interest on Late dedution of TDS and Interest on late payment of TDS is calculated.
My main concern is that if we charge 1% Interest as it deducted 1 month later and we will pay it in the month of November. So will there be provision of late payment of TDS attracted as there is only payment of interest on late deduction of TDS (Bcoz principle TDS payment is paid on 05/03/2014)
Kindly resolve asap.
Thanks
CAclubindia
