Delay in TDS payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2011
Dear Sir/ Madam,
I had submitted a challan of TDS in Bank well on due date i.e 7th of next month.
But due to server problem with the bank, the bank had processed the payment on 08th of that month.
Can I defend myself by saying that due to server problem of bank there was delay in TDS payment whereas I had deposited well on due date, or whether i have to pay interest for 1 day.
Thanks in advance
I had submitted a challan of TDS in Bank well on due date i.e 7th of next month.
But due to server problem with the bank, the bank had processed the payment on 08th of that month.
Can I defend myself by saying that due to server problem of bank there was delay in TDS payment whereas I had deposited well on due date, or whether i have to pay interest for 1 day.
Thanks in advance
16 June 2011
usually bank will not take responsibility for such failures, and as the bank is only a mediator and tds should be deposited in Govt account on time is duty of the assesse
Interest should be paid 1.5% of amount, as interest is chargeable per month or part thereof
Sec 201(1A)
"thanks anuj Sir"
Interest should be paid 1.5% of amount, as interest is chargeable per month or part thereof
Sec 201(1A)
"thanks anuj Sir"
Message likes :
1 times
16 June 2011
Interest for delayed remittance of TDS is 1.5% per month or part of a month.
Message likes :
1 times
16 June 2011
There has been a change in Central Govt. rules ,according to which the funds shall be needed to be in Govt's account by 7th.
Meaning that just depositing the cheque on 7th and the clearing of which is done after 2 days then you are still liable to pay interest @ 1.5% .
Meaning that just depositing the cheque on 7th and the clearing of which is done after 2 days then you are still liable to pay interest @ 1.5% .
16 June 2011
Anuj ji
As per Central Government Account (Receipts and Payments) Rules 1983 the date of payment of government dues tendered in form of cheque/draft shall be the date on which it was cleared and entered in the receipt scroll.
CBDT CIRCULAR 261 DATED 8/8/1979 is framed against the above rules meaning thereby date of tendering will be considered as date of payment if the cheque is honoured.
Hence 2nd para of your observation needs reconsideration.
As per Central Government Account (Receipts and Payments) Rules 1983 the date of payment of government dues tendered in form of cheque/draft shall be the date on which it was cleared and entered in the receipt scroll.
CBDT CIRCULAR 261 DATED 8/8/1979 is framed against the above rules meaning thereby date of tendering will be considered as date of payment if the cheque is honoured.
Hence 2nd para of your observation needs reconsideration.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- TDS 194-T applicability
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
