Interest on delay of tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2013
Dear All,
Some one please inform me.
If, we deducted TDS on say 15.12.2012 and deposited on 14.02.2013 and
ii) we deducted TDS on 15.12.2012 and deposited on 15.02.2013 and
iii) we deducted on 15.12.2012 and deposited on 16.02.2013.
Please reply for how many months interest to be paid in above three cases respectively.
Please Sir.
Thanks in advance.
Anil Jain 9312640067
Some one please inform me.
If, we deducted TDS on say 15.12.2012 and deposited on 14.02.2013 and
ii) we deducted TDS on 15.12.2012 and deposited on 15.02.2013 and
iii) we deducted on 15.12.2012 and deposited on 16.02.2013.
Please reply for how many months interest to be paid in above three cases respectively.
Please Sir.
Thanks in advance.
Anil Jain 9312640067
09 February 2013
the liability to deposit tax arises within 1 week from the end of the month in which deduction is made...
So in this case your liability arises as on 07-01-2013, but you deposit as on 14-2-13, 15-02-13, 16-02-13..
it means you need to pay simple interest @ 1.5% p.m. for two month in all the three cases.
So in this case your liability arises as on 07-01-2013, but you deposit as on 14-2-13, 15-02-13, 16-02-13..
it means you need to pay simple interest @ 1.5% p.m. for two month in all the three cases.
Dhirajlal Rambhia
(Expert)
18 August 2023
Agreed with expert.
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