Rate on short deduction & late payment ?????????
This query is : Resolved
Neha Agarwal
(Querist)
23 August 2014
Dear All,
For Financial Year 2009-2010, What was the rate for interest on Short Deduction? & Interest on short Payment???? & How many month of interest will be calculation on above ????
For Financial Year 2009-2010, What was the rate for interest on Short Deduction? & Interest on short Payment???? & How many month of interest will be calculation on above ????
23 August 2014
W.e.f 01-07-2010
# From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m.
# For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m
Prior to 01-07-2010
# From FY 2006-07 onwards for delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.0% p.m
# From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m.
# For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m
Prior to 01-07-2010
# From FY 2006-07 onwards for delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.0% p.m
Neha Agarwal
(Querist)
23 August 2014
I found Late payment interest details by ITD through Justification report but I m confused how ITD calculated it below men:-
Tax deposited : 60164.00
Date of Deduction: 30-JUN-2009
Date of Deposit: 08-JUL-2009
Due date: 07-JUL-2009
Months of Default: 01
Late Payment Interest
till Date of Deposit of Tax: 602.00
Late Payment Interest from
Date of Deposit of Tax till
Date of Processing: 251.00
According to me Interest for 2 months should be calculated,as applicable for FY 13-14 & 14-15, When I am paying interest on Late payment due to delay in challan, thn why ITD calculated Late payment interest till the date of Data Processing??? Would I have to pay both the tax ( Late payment interest & Late payment Till processing date)????
Tax deposited : 60164.00
Date of Deduction: 30-JUN-2009
Date of Deposit: 08-JUL-2009
Due date: 07-JUL-2009
Months of Default: 01
Late Payment Interest
till Date of Deposit of Tax: 602.00
Late Payment Interest from
Date of Deposit of Tax till
Date of Processing: 251.00
According to me Interest for 2 months should be calculated,as applicable for FY 13-14 & 14-15, When I am paying interest on Late payment due to delay in challan, thn why ITD calculated Late payment interest till the date of Data Processing??? Would I have to pay both the tax ( Late payment interest & Late payment Till processing date)????
24 August 2014
Have not heard anything like "late payment interest from date of deposit of Tax till date of processing."
We are not liable to pay any such interest.
We are not liable to pay any such interest.
Message likes :
1 times
Neha Agarwal
(Querist)
29 August 2014
I mentioned above details through Justification Report, downloaded on 26.08.2014 for financial year 09-10. I thought in FY09-10 there might have been a different calculation on interest.......
29 August 2014
To the best of my knowledge there was no such provision. The " late payment interest from date of deposit of Tax till date of processing" is not logical.
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- ETDS return q4 25-26
- Intimation under section 245
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
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
