Late payment of tds amount

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2012 Respected Sir.
Suppose our client has paid 1 Bill. and on that he deducted TDS on 14/5/2012.. Now he has to deposit that TDS amount upto 07/06/2012.. and he had deposited on 08/06/2012 instead of depositing on 7/6/2012..So he had deposit 1 day after due date of payment.. Now TDS Software is calculating 26 days as delaied period rather to consider only 1 day as delay... and on other side under Section 44AB Of I.T.Act 1961.. in point no 27(B) of 3CD reportwe are considering delay period of 1 day only i.e from DUE DATE TO ACTUAL DATE OF DEPOSIT. Plz help me i am confusing on this matter...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

25 June 2012 In the given case the interest on late deposit of TDS will be paid for 1 month as Under section 201(1A) of the Act, a person is liable to pay simple interest @ 1.5% for every month or part of month in case payment of TDS after due date.

Though delay is for one day interest will be paid for 1 month.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok