Interest on late payment of TDS
This query is : Resolved
08 September 2010
Plz tell me if the TDS is deducted in the month of March say on 31.03.2010...so the due date will be 31.05.2010...correct
Now tds is paid to the govt after 31.05.2010 say 01.06.2010 or any later date then from which date interest will be calculated & at what rate?
Plz provide me with some proof whether it should be from the date of deduction or due date???
Now tds is paid to the govt after 31.05.2010 say 01.06.2010 or any later date then from which date interest will be calculated & at what rate?
Plz provide me with some proof whether it should be from the date of deduction or due date???
Aditya Maheshwari
(Expert)
08 September 2010
Read section 201
he or it shall be liable to pay simple interest at 44[one per cent for every month or part of a month] on the amount of such tax from the date on which such tax was deductible to the date on which such tax is actually paid
so interest calculation to begin from 31.03.2010 i. e. date of deduction and not due date.
Secondly the rate of interest has been revised w. e. f. 01.07.2010 to 1.5% p. m.
he or it shall be liable to pay simple interest at 44[one per cent for every month or part of a month] on the amount of such tax from the date on which such tax was deductible to the date on which such tax is actually paid
so interest calculation to begin from 31.03.2010 i. e. date of deduction and not due date.
Secondly the rate of interest has been revised w. e. f. 01.07.2010 to 1.5% p. m.
Message likes :
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08 September 2010
sir plz provide me with some link in the act or smewhere else where it is written that it shud be 4m date of deduction....its urgent
Aditya Maheshwari
(Expert)
08 September 2010
visit this link
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=0b6eda29-9b82-4b77-8219-82ee5449334f&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=201&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws
or this
https://www.rrfalod.com/ActPageDisplay.ASPX?PAGENAME=1880&CompanyID=0
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=0b6eda29-9b82-4b77-8219-82ee5449334f&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=201&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws
or this
https://www.rrfalod.com/ActPageDisplay.ASPX?PAGENAME=1880&CompanyID=0
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