Late payment of tds deposit rate 1%pm & 1.5% pm
This query is : Resolved
21 November 2012
when should pay 1%pm and when should we pay 1.5%pm interest on late payment of deposit of tds
21 November 2012
at one per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
at one and one-half per cent. for every month or part of a month on the amount of such taxfrom the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.
at one and one-half per cent. for every month or part of a month on the amount of such taxfrom the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.
21 November 2012
1% is for non deduction of TDS from the income.
1.5% for non deposit of TDS even after deducting the TDS.
For ex : TDs amount to be deducted rs.1000.then interest is 1% per month.example interest is for 5 months then Rs.5 is interest.
Incase of 1.5% the tds deducted and collected from the deductee is Rs.1000/ but not paid in to the account then interest is 1.5% ie Rs.15
1.5% for non deposit of TDS even after deducting the TDS.
For ex : TDs amount to be deducted rs.1000.then interest is 1% per month.example interest is for 5 months then Rs.5 is interest.
Incase of 1.5% the tds deducted and collected from the deductee is Rs.1000/ but not paid in to the account then interest is 1.5% ie Rs.15
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
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Journal entry of busniess expenses
- LIC maturity claim whether taxable
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
