Interest on tds
This query is : Resolved
01 May 2014
Sir,
One of our clients has to pay TDS around Rs.25 Lakhs within 30th Apr'14 for the month of Mar'14. But he could pay some amount only after 8 pm of 30th Apr'14 due to site error. Does he liable to pay interest on such amount? If he liable to pay interest, then he has to pay interest for 3 months. That will be a huge amount. Is there any provision to get relief from payment of interest in such cases? Actually he has paid tax on 30th Apr'14 but the amount cleared on 1st May'14.
Pls reply
One of our clients has to pay TDS around Rs.25 Lakhs within 30th Apr'14 for the month of Mar'14. But he could pay some amount only after 8 pm of 30th Apr'14 due to site error. Does he liable to pay interest on such amount? If he liable to pay interest, then he has to pay interest for 3 months. That will be a huge amount. Is there any provision to get relief from payment of interest in such cases? Actually he has paid tax on 30th Apr'14 but the amount cleared on 1st May'14.
Pls reply
01 May 2014
Dear Siju,
transactions executed after clearing hours are posted for next day only. In your case tax for three days shall be applicable.
transactions executed after clearing hours are posted for next day only. In your case tax for three days shall be applicable.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Gift of mutual fund units to daughter
- Not able to file ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
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
