Interest calculatin of tds
This query is : Resolved
Ramsharan Patidar
(Querist)
01 May 2015
i deduct TDS on interest (u/s 194A) Rs. 7000/- as on date 31/03/2015
but i not deposit TDS till date
if i am deposit challan today or tomorrow
how can interest calculation
how much dealy month
CA Anshu Agarwal
(Expert)
01 May 2015
you shall be required to deposit the TDS including interest @ 1.5% per month or part thereof. The calculation of interest shall start from date of deduction of TDS till date of deposit of TDS. (refer to Section 201(1A)(ii) of Income Tax Act)
CA R SEETHARAMAN
(Expert)
01 May 2015
It is 1.50% per month for 3 months i.e for March, April and May. One month interest payable for one day delay in a month.
CA Anshu Agarwal
(Expert)
01 May 2015
it shall be interest @ 1.5% for 2 months if you pay tds upto 30th may. Because delay in tds shall be counted from date of deduction i.e. 31st march in your case.
CA R SEETHARAMAN
(Expert)
01 May 2015
It is 3 months dear part of the month will counted as one month.
CA Anshu Agarwal
(Expert)
01 May 2015
in my opinion, months shall be counted from date of deduction to date of deposit. If you pay the tax on 01-05-2015, delay in deposit of tax is one month and one day. So one month is complete one month and one day being part of month shall be counted as one month. in this way total interest payable should be for two months and not for three months.
CA R SEETHARAMAN
(Expert)
01 May 2015
Your opinion is not as per the provisions on income tax Act.
The delay calculation as per the provisions of the Act is:
31-03-2015 1 month delay.
April 2015 1 month delay.
May 2015 1 month delay.
The delay calculation as per the provisions of the Act is:
31-03-2015 1 month delay.
April 2015 1 month delay.
May 2015 1 month delay.
CA AnKiT BoHrA (AB)
(Expert)
01 May 2015
yes agreed with seetharaman ji
it wil b for three months dear
interest wil b charged from the date of deduction to the date of deposition ...
it wil b for three months dear
interest wil b charged from the date of deduction to the date of deposition ...
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
