Interest payable on late payment of tds

This query is : Resolved

AKSHAYA KUMAR PARIJA (Querist)
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23 August 2014 Dear Experts,

TDS u/s 194A Rs.66008 for f.y 2013-14, books entry dt.31.03.2014 deposited on 02.08.2014 along with interest on TDS for 5 month (April 2014 to August 2014) @ 1.5% interest monthly. Total deposit made Rs.70959.

Amount of interest=66008*1.5/100*5
=4951

Revise return also made for Qtr-4 f.y 2013-14, TDS-CPC has given a demand notice u/s 154 to deposit additionl amount of Rs.989 to be deposit, which understood they demand for another 1 month interest.

Kindly clarify how the amount payable by us.

Regd,
Akshaya

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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23 August 2014 Dear Akshaya,

Interest on TDS is payable @ 1.5% per month (calendar month) or part thereof.

You have booked TDS on 31.3.2014, hence interest will be payable for the month of March-2014 also, accordingly interest will be payable for 6 months (march to aug)

AKSHAYA KUMAR PARIJA

AKSHAYA KUMAR PARIJA (Querist)
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24 August 2014 Thanks Devanandji, for your valuable suggestion.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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24 August 2014 You are welcome friend.

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