Interest on late payment of tds.

This query is : Resolved

Pradip (Querist)
Follow

10 July 2013 Dear Experts
I hv received a default notice from IT Deptt. for late deposit of TDS. TDS deduction date was 30-04-2012 and due date of TDS deposit was 07-05-2012. I have deposited TDS on 16-05-2012 including 1.5% interest thereon (for one month delay deposit). But TDSCPC calculated 2 months default. Kindly help me whether I was correct or Deptt.'s demand is correct. If Deptt.'s calculation is incorrect then please let me know next process.

Thanks.
Pradip Pandey

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

11 July 2013 TDS CPC has interpreted the law in a different style. For the delay of 16 days 2 months interest is being charged. No body is opposing such provisions. Whether the department follows same principles while issuing the refunds ?
.

Message likes : 1 times

Pradip

Pradip (Querist)
Follow

12 July 2013 Thanks Sir. Previously I had downloaded default report from TIN-NSDL Site where it was seen that Date of Deduction was 14-01-2011, Due Date 07-02-11 and deposit date 09-02-11 and they charged 1 month interest. In same statement Date of Deduction was 07-01-2011, Due Date 07-02-11 and deposit date 09-02-11 and they charged 2 months interest. I am unable to understand the calculations. Please help me to make grounds to approach department. Thanks

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

01 August 2024 https://docs.google.com/document/d/1PwZis0F4r1XdWllqYuel8Lb-hCqinaOs8I-WG34OiEs/edit?usp=sharing

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.K.RAMAKRISHNA. PRABHU

CA Aakarsh Jain

Venkateshwaran Ekambaram

Credible HRM

Jayanti Visani

Subscribe Now

Interest on late payment of tds.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA