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raj shekhar (Querist)
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05 September 2012 I deducted tax amount of 100000 on 28/3/11 but i deposited it on 10-5-2011.
That time i didnt know about the Interest of 1.5%. So am i required to pay Int of 1500...?
And i have to pay int. on 100000 till date.. ?
Plz answer my query..

GN Patankar

GN Patankar (Expert)
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05 September 2012 TDS deducted in the month of March, the last date of payment of TDS is 30th April. since intt not deposited hence calculate intt @ 1.5% pm for one month.

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raj shekhar

raj shekhar (Querist)
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05 September 2012 hello sir..
i paid the TDS amount on 10-5-2011. But i have not paid the Interest amount. what r the consequences for it

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
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06 September 2012 Do'nt worry there are no such penal consequences are attracted. But since Rs. 1500 which you have short deposited would be considered as a part of your tax and may attract 1.5% simple interest per month on Rs. 1500 From 10-5-11 to till date.If you have filed the Qrtly. TDS Statement check the defaults in your login.

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Soumitra Basu

Soumitra Basu (Expert)
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06 September 2012 Interest on TDS has to be paid from the date of tax deductible to the date of deposition.

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