Interest on late deduction and late payment of tds
This query is : Resolved
14 May 2013
Date on which TDS to be deducted: 31/03/2013
Date on which TDS deducted:31/03/2013
Due date of Tax deposit: 30/04/2013
Date on which TDS deposited: 08/05/2013
what will be interest on late payment of TDS?
in above details if date of deduction would be 28/02/2013 then what will be interest on Late deducting and late payment of TDS.
Date on which TDS deducted:31/03/2013
Due date of Tax deposit: 30/04/2013
Date on which TDS deposited: 08/05/2013
what will be interest on late payment of TDS?
in above details if date of deduction would be 28/02/2013 then what will be interest on Late deducting and late payment of TDS.
14 May 2013
When TDS deducted 31/03/2013,Paid on 08/05/2013 then 3 months interest 1.50 per month so 4.50 %
if you deducted 28/02/2013 then 4 months interest 1.50% per month so 6%
if you deducted 28/02/2013 then 4 months interest 1.50% per month so 6%
15 May 2013
what about interest on late deduction @ 1% P.M in case of TDS to be deducted on 28/02/2013 and actually deducted on 31/03/2013 and paid such TDS to government on 08/05/2013?
in above case both interest will be charged or not?
in above case both interest will be charged or not?
15 May 2013
In case TDS deductible on 28/02/2013 and deducted on 31/03/2013, then 1 month interest rate will be 1% and 3 months interest rate will be 1.50% per month
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16 May 2013
However Sec 201(1A) says that interest will be payable
@ 1% from date on which tax was deductible to the date on which is actually deducted. therefore in my case interest on late deduction will be for 2 months. i.e. for Feb'13 and Mar'13.
Am i correct ?
@ 1% from date on which tax was deductible to the date on which is actually deducted. therefore in my case interest on late deduction will be for 2 months. i.e. for Feb'13 and Mar'13.
Am i correct ?
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