Interest on tds
This query is : Resolved
SIJU VARGHESE
(Querist)
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
Nikhil Kaushik
(Expert)
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.
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