Help for short deduction calculation
This query is : Resolved
Natasha Mourya
(Querist)
22 August 2014
I have received a short deduction notice a sum of Rs:- 125774 for FY 2011-2012 on 24Q,
I want to know the rate of interest of short deduction, is it 1.5% or 1% for FY 11-12,and how many months of interest should be taken for calculation..as the last date of tax deducted is 31/03/2012 & Challan Depostion is 02May2012, if I pay tax on 25Aug2014..bcoz No calculation details is mentioned in Justification report for FY 2011-2012 that's why I am confused....
its urgent.....
I want to know the rate of interest of short deduction, is it 1.5% or 1% for FY 11-12,and how many months of interest should be taken for calculation..as the last date of tax deducted is 31/03/2012 & Challan Depostion is 02May2012, if I pay tax on 25Aug2014..bcoz No calculation details is mentioned in Justification report for FY 2011-2012 that's why I am confused....
its urgent.....
Nikhil Kaushik
(Expert)
22 August 2014
the applicable rate shall be 1.5%.
The interest on short deduction should start from March 2012 to August 2014 - 30 months
The interest on short deduction should start from March 2012 to August 2014 - 30 months
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