Rate on short deduction & late payment ?????????
This query is : Resolved
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
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.
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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.
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