Delay remittance on tds -
This query is : Resolved
13 July 2013
Due date of remittance is 07/06/2013.
remitted on 08/06/2013.
what is the period of delay to be taken for interest calculation.
Due date of remittance is 07/06/2013.
remitted on 08/06/2013.
what is the period of delay to be taken for interest calculation.
13 July 2013
from the due date till date of actual payment.
u should take for 1 month and not in days as it mention int for month or part thereof so days are to rounded off to next month.
u should take for 1 month and not in days as it mention int for month or part thereof so days are to rounded off to next month.
13 July 2013
from the due date till date of actual payment.
u should take for 1 month and not in days as it mention int for month or part thereof so days are to rounded off to next month.
u should take for 1 month and not in days as it mention int for month or part thereof so days are to rounded off to next month.
13 July 2013
You may require to pay 2 months interest also,
As per provisions of section 201(A) of income tax act..
Section 201(A)
(i)
(ii) at 1.5 per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid,
So for tax deducted from 1st May 2012 to 7th May 2012 interest is to be payable for 2 months as part of month also considered as full month for interest caluculation as per provisions of 201(A) for interest caluculation
Thanks & regards
GaneshBabu k
As per provisions of section 201(A) of income tax act..
Section 201(A)
(i)
(ii) at 1.5 per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid,
So for tax deducted from 1st May 2012 to 7th May 2012 interest is to be payable for 2 months as part of month also considered as full month for interest caluculation as per provisions of 201(A) for interest caluculation
Thanks & regards
GaneshBabu k
13 July 2013
Disagree with Tushar. Interest to be calculated from date of deduction till date of payment if default committed in paying the TDS on due date.
Say TDS deducted on 1st June. Due date of payment will be 7th July. If paid on 8th July interest on late deposit of TDS to be paid for 2 months i.e., 3% of TDS amount.
Say TDS deducted on 1st June. Due date of payment will be 7th July. If paid on 8th July interest on late deposit of TDS to be paid for 2 months i.e., 3% of TDS amount.
13 July 2013
https://www.caclubindia.com/experts/tds-577865.asp
Also see above link for details of calculation of interest on late deposit of TDS.
Also see above link for details of calculation of interest on late deposit of TDS.
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13 July 2013
YES I AGREE WITH SANJAY GUPTA, HE IS RIGHT.2MONTHS SHOULD BE TAKEN FOR CAL OF INT ON TDS FOR LATE PAYMENT IN THIS CASE.
13 July 2013
remittance made on 8th june
2 months interest applicable only for the amount of tax deducted between 1st may to 7may.
for the tax deducted 8thmay to 31st may interest is applicable for 1 month only
As explained by relevant section in my above reply
Thanks & regards
Ganesh babu k
2 months interest applicable only for the amount of tax deducted between 1st may to 7may.
for the tax deducted 8thmay to 31st may interest is applicable for 1 month only
As explained by relevant section in my above reply
Thanks & regards
Ganesh babu k
13 July 2013
Disagree with Ganesh babuji !
Link given by sanjay gupta is perfect pls follow his advice.
Link given by sanjay gupta is perfect pls follow his advice.
13 July 2013
Dear tushar Ji..
let me know where i am wrong to disagree with..what was the difference between my reply and sanjay sir reply..
Suppose tax deducted in 20th may so due date is 7th june if fails to deposit 7th june and deposited in 8th june ..
interest is for the period (20th may to 8th june)
less than one month and interest on tds is for 1 month only
deductor not bound to pay 2 months interest for the tax deducted in dates (8th May 2012 to 31st may 2012)
I hope i am correct..
Dear sanjay sir please correct me if i am wrong in above reply
Thanks & regards
Ganesh babu k
let me know where i am wrong to disagree with..what was the difference between my reply and sanjay sir reply..
Suppose tax deducted in 20th may so due date is 7th june if fails to deposit 7th june and deposited in 8th june ..
interest is for the period (20th may to 8th june)
less than one month and interest on tds is for 1 month only
deductor not bound to pay 2 months interest for the tax deducted in dates (8th May 2012 to 31st may 2012)
I hope i am correct..
Dear sanjay sir please correct me if i am wrong in above reply
Thanks & regards
Ganesh babu k
13 July 2013
PLEASE REFER TO THE LINK GIVEN BY SANJAY BHAI ABOVE U WILL GET T KNOW WHERE U GOING WRONG GANESH BABU JI!
13 July 2013
Dear Tushar what Ganeshbabu is saying is exactly what i had said. I think you misinterpreted it. He is saying that for TDS deducted between 1st and 7th of any month if TDS deposited on 8th of next month, interest applicable for two months since on 7th 1 month completes which is also the due date. So 1 days delay is resulting in interest for another month. whereas for TDS deducted on or after 8th of any month if TDS deposited on 8th of Next month interest to be paid only for 1 month.
But Ganeshbabu i think it will be between 1st and 8th and not 1st and 7th.
for example from 8th june to 7th july - 1 month.
But Ganeshbabu i think it will be between 1st and 8th and not 1st and 7th.
for example from 8th june to 7th july - 1 month.
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