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Interest on income tax and tds

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2012 Total TDS Deducted in A/Y 2011-12 - Rs. 50000 in income (borkerage & commission)of - Rs. 5,00,000

So interst on income tax will be paid by the assessee or not

CA Rajiv Kumar Agarwal

CA Rajiv Kumar Agarwal (Expert)
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30 March 2012 Your question does not specify whether he has defaulted in payment or not?
if he has not paid the TDS on due date then he will have to pay interest @ 1.5% PER MONTH or part of the month from the date of dedution till the date of payment of tax.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 March 2012 If the amount of TDS falls short of the total tax liability and the assessee has not paid advance tax, then interest u/s 234A and 234B shall be levied.

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