Interest on Late remittance of TDS
This query is : Resolved
18 June 2009
Hi,
as per new ammenement in finance act 2008 "No disallowance of certain expenses if the TDS for the month of
March is deposited by the due date of filing the return of income [Section
40(a) (ia)]" but if we pay tds by 30th sept. do we need to pay interest on it?? if yes for what period??will it be for June to sep?? plz reply.
Regards,
Nazir
as per new ammenement in finance act 2008 "No disallowance of certain expenses if the TDS for the month of
March is deposited by the due date of filing the return of income [Section
40(a) (ia)]" but if we pay tds by 30th sept. do we need to pay interest on it?? if yes for what period??will it be for June to sep?? plz reply.
Regards,
Nazir
18 June 2009
Dear Nazir
Yes, the interest for the period from 1st April to 30th September will levy.
Yes, the interest for the period from 1st April to 30th September will levy.
18 June 2009
yes u have to pay the interest
18 June 2009
but if we got this bill itself in june, still do we need to pay interest???
18 June 2009
That means you must have done the provision entry, otherwise TDS itself is not due for this expenses.
Also note TDS will have to be paid from the due date to till the date of payment as per chapter XVIIB & not from April to Sept or June to Sept.
For eg: TDS is due for the month of March 09 its due is 07-April (if the amount credited or paid is upto 30th March) then Interest needs to pay from 08-April to the date of payment. OR say TDS is due for the entry made on 31st March then its due date is 31st May then interest needs to pay from 01-June to the date of payment.
I hope it will clear your all doubts.
Also note TDS will have to be paid from the due date to till the date of payment as per chapter XVIIB & not from April to Sept or June to Sept.
For eg: TDS is due for the month of March 09 its due is 07-April (if the amount credited or paid is upto 30th March) then Interest needs to pay from 08-April to the date of payment. OR say TDS is due for the entry made on 31st March then its due date is 31st May then interest needs to pay from 01-June to the date of payment.
I hope it will clear your all doubts.
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