Regarding tds interest

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Dipen Thakkar (Querist)

10 April 2015 Dear Expert,

I got the Bill from Consultant amount of Rs. 50000 dated 25/09/2014...

If I pay the TDS on Professional Service of Rs. 5000 dated 10/10/2014 instead of 07/10/2014, then I am liable to pay Interest also,,but I m confused that am I liable to pay for 3 Days or 2 months(Sep & Oct) ?

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

11 April 2015 You are liable to pay interest for 2 months. Such is the provision of section 201(1A) that even for a days delay you will have to pay interest for 2 months.

Also check out the article from below link in this regard:

https://taxguru.in/income-tax/delay-payment-tds-day-interest-chargeability-3-injustice-assessee.html

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Dipen Thakkar

Dipen Thakkar (Querist)

14 April 2015 thanks sir, one more question..

My unsecured loan amt is Rs. 500000 on 31/05/14, now i pay 250000 dated 21/08/14 & difference amt pay as 250000 dated 28/02/15, now i m liable to deduct tds amt on interest but confused that am i liable to deduct tds on 28/02/15 (single) or 31/05/14 & 28/02/15 (2 times)?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

19 April 2015 You are liable to deduct the no of times you make payment or credit entry of TDS.

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Dipen Thakkar

Dipen Thakkar (Querist)

28 April 2015 Dear Expert,

my mother having income of commission from lic, now i want to ask which itr form to be filed to get refund?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

28 April 2015 ITR4 needs to filed for Commission Income.

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