Interest on tds late payment
This query is : Resolved
25 November 2013
Bills Dates is 30/10/2013, the same day client has deducted the TDS but the client has paid the TDS 10/11/2013.
So, How much Interest client has to pay?
whether he has to pay the interest for 1 month @1.5% or
He has to pay the interest for 2 month @3%
Please Clarify
Bills Dates is 30/10/2013, the same day client has deducted the TDS but the client has paid the TDS 10/11/2013.
So, How much Interest client has to pay?
whether he has to pay the interest for 1 month @1.5% or
He has to pay the interest for 2 month @3%
Please Clarify
25 November 2013
As per TDS CPC, Interest for 2 months or 3% is required to be paid.
.
.
25 November 2013
agreed with Bafna Ji.
26 November 2013
In my case, date of deduction is 30/10/2013 and Payment of TDS is 10/11/2013.. so 10 days only delayed. It should be treated as 1 month as per sec 201(1A)of Income Tax Act, 1961
As per above said Section, Interest payable on Late payment of TDS is "From the date, on which the tax was to be deductible/deducted, to the date of actual payment."
Please explain briefly.
As per above said Section, Interest payable on Late payment of TDS is "From the date, on which the tax was to be deductible/deducted, to the date of actual payment."
Please explain briefly.
26 November 2013
"At one and one half percent for month or part of every month" clause is there in the provisions of Section 201(1A)(ii).
.
First Part of the month October Starts from 30.10 and ends on 31/10.
.
Second Part of the month Starts from the first day of Nov. till the tax is being paid .i.e. up to 10/11/2013.
.
This is a riddle or "Paheli". How 2 days can be converted into 2 months !!!!
.
.
First Part of the month October Starts from 30.10 and ends on 31/10.
.
Second Part of the month Starts from the first day of Nov. till the tax is being paid .i.e. up to 10/11/2013.
.
This is a riddle or "Paheli". How 2 days can be converted into 2 months !!!!
.
Message likes :
1 times
26 November 2013
Agreed with expert suggestions.
27 November 2013
Thanks lot Bafna Sir for your kind clarifications
27 November 2013
Clarification may be reasonable or of whatever kind but these provisions are very unreasonable and cruel.
.
At the time of granting refund, similar provisions are to be inserted in the Act. So that the amount can reach to the real beneficiaries.
.
.
At the time of granting refund, similar provisions are to be inserted in the Act. So that the amount can reach to the real beneficiaries.
.
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
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- IT returns for fresh job holders
- F&O reporting in ITR
- Difff in ais receipts and gst turnover
- ITR 44AD SECTION
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Residential status of non resident
- NRI INSURANCE ADVISOR
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
