Interest payable on late payment of tds

Save Share

This query is : Resolved

AKSHAYA KUMAR PARIJA (Querist)
Follow

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)
Follow

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)
Follow

24 August 2014 Thanks Devanandji, for your valuable suggestion.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
Follow

24 August 2014 You are welcome friend.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now