Interest on late payment of tds
This query is : Open
24 October 2013
Sir
One of my Clients deduted Rs 5000 as TDS from Slaries on 31.12.2012 and remitted the same on 09.01.2013. Now a notice was received to remit Rs 150 being two months interest for the delay.Since the assesee in not clear how the delay of only two days will amounts to two months.Kindly give a reply in this regard
RGDS
One of my Clients deduted Rs 5000 as TDS from Slaries on 31.12.2012 and remitted the same on 09.01.2013. Now a notice was received to remit Rs 150 being two months interest for the delay.Since the assesee in not clear how the delay of only two days will amounts to two months.Kindly give a reply in this regard
RGDS
25 October 2013
I Tax Deptt. has correctly and perfectly raised additional demand of Rs. 150 as Interest.
Interest rate is 1.5% per month.
In your case TDS was payable on 31.12.2012 and the Deptt allows SEVEN days with the condition it is paid within next seven days. As the amount was paid on 9th Jan so the interest has been calculated for two (Dec and Jan)months at Rs. 150.
The psychological fact is that many of us keep on waiting till last day. In your case your client missed the last date of 7th Jan and for two day delay is now equal to Rs. 150.
contact@vkbajaj.co.in
Interest rate is 1.5% per month.
In your case TDS was payable on 31.12.2012 and the Deptt allows SEVEN days with the condition it is paid within next seven days. As the amount was paid on 9th Jan so the interest has been calculated for two (Dec and Jan)months at Rs. 150.
The psychological fact is that many of us keep on waiting till last day. In your case your client missed the last date of 7th Jan and for two day delay is now equal to Rs. 150.
contact@vkbajaj.co.in
Message likes :
1 times
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
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Eway bill generation from place other than registeted
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- GST rate and HSN code for sale of racing horses
- DIN reactivation
- Condonation . E-Verification of last year return .
- EPF FULL & FINAL RULES IN 2026
- Goods sold but invoice not issued
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
