Interest on tds late payment
This query is : Resolved
09 October 2014
hello all if an assessee pays rent in month of july for april to june & deducts tds in july itself but does not pay to income tax dept then how the interest on late payment should be deducted?? i mean for how many months and at what rate?? interest shall be calculated from march month on accrual basis or from july on payment basis?? plz rly fast its urgent. n thnx in advance
10 October 2014
from each month of TDS deduction due to date of deduction, interest at 1% per month or part of the month...from date of deduction to the date the tax is finally deposited with the tax authorities, interest at 1.5% p.m for each month or part of the month.
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
