Tds
This query is : Resolved
27 October 2012
If Tax Deducted on 31/03/2012 & Tax Deposited on 15/05/2012 then How many Months is Considered For Interest Calculation ?
27 October 2012
30th April was the last date of payment for tax deducted in the month of March 12.
Therefore 1 month interest will be charged @1.5% P.m.
Therefore 1 month interest will be charged @1.5% P.m.
27 October 2012
Dear mohit,
The due date of deposit of tds of 31.03.2012 is 30.04.2012,hence only 1 month interest will be charged if you deposit tds as on 15.05.2012.
The due date of deposit of tds of 31.03.2012 is 30.04.2012,hence only 1 month interest will be charged if you deposit tds as on 15.05.2012.
27 October 2012
@ Mr Manish and Harsh Jain
Please note that in this case interest will be charged for two months @ 1.5% per month.
No doubt the due date of deposit was 30th April but was actually deposited on 15th May so interest shall be calculated for both April and May.
@ Mr Mohit: Alternatively you can wait for communication from your TDS Officer to pay interest. TDS Ward/Circle keeps on checking all such defaults.
Please note that in this case interest will be charged for two months @ 1.5% per month.
No doubt the due date of deposit was 30th April but was actually deposited on 15th May so interest shall be calculated for both April and May.
@ Mr Mohit: Alternatively you can wait for communication from your TDS Officer to pay interest. TDS Ward/Circle keeps on checking all such defaults.
27 October 2012
Sorry for the mistake in last reply.
Interest will be charged @ 1.5% for 3 months from the date it was deducted (31.03.20120 to the date it was deposited (15.05.2012). (Mar, Apr and May)
Text of Section 201(1A)(ii)
Interest at one and one-half per cent. for every month or part of a month on the amount of such tax from 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.”.
Interest will be charged @ 1.5% for 3 months from the date it was deducted (31.03.20120 to the date it was deposited (15.05.2012). (Mar, Apr and May)
Text of Section 201(1A)(ii)
Interest at one and one-half per cent. for every month or part of a month on the amount of such tax from 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.”.
27 October 2012
Interest will be charged for 2 months only as months will be counted from date to date i.e. 31/03/2012 to 15/5/2012=1.5 months.
29 October 2012
Agreed with Suresh
30 October 2012
Agree with Mr. Suresh
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