Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2013
TDS Deducted on 8/01/2013 & it's Deposited on 09/02/2013 so how much Interest will be charged Please specify me with details .....
kodiya mohammed asif
(Expert)
09 February 2013
deducted the tax,but paid after due date
Tax Deducted but deposited from the date of deduction of TDS to the date of deposit/Payment of TDS Interest Payable will be one and half per cent per month or part of month
Tax Deducted but deposited from the date of deduction of TDS to the date of deposit/Payment of TDS Interest Payable will be one and half per cent per month or part of month
Nikhil Kaushik
(Expert)
09 February 2013
Dear Anonymous,
As Kodiya already mentioned, the interest is payable for every month or part of the month at 1.5% simple interest.
In your case,the interest shall be payable for 2 months.
You may refer section 201(1A)(ii) of the act.
Other experts may provide their opinion in case I am incorrect
As Kodiya already mentioned, the interest is payable for every month or part of the month at 1.5% simple interest.
In your case,the interest shall be payable for 2 months.
You may refer section 201(1A)(ii) of the act.
Other experts may provide their opinion in case I am incorrect
09 February 2013
It's Simple dear...
You need to deposit the deducted amount within 1 week from the end of the month in which the deduction is made......
so your liability to deposit arises as on 07-02-2013, but you deposit it on 09-02-2013, so you need to pay a simple intrest @ 1.5%.
Thank you
You need to deposit the deducted amount within 1 week from the end of the month in which the deduction is made......
so your liability to deposit arises as on 07-02-2013, but you deposit it on 09-02-2013, so you need to pay a simple intrest @ 1.5%.
Thank you
16 October 2013
Hi
It would be 3% for two months.
Refer: https://www.caclubindia.com/articles/prosecution-and-interest-on-late-deposit-of-tds-18223.asp
Thanks//VaibhavJ
It would be 3% for two months.
Refer: https://www.caclubindia.com/articles/prosecution-and-interest-on-late-deposit-of-tds-18223.asp
Thanks//VaibhavJ
Nikhil Kaushik
(Expert)
16 October 2013
Rinkal Bhai, you are correc that it shall be @ 1.5 % but the important question is for how many months and that is 2 months
CA Pallav Singhania
(Expert)
16 October 2013
Agree with Expert,
For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m
In your case 1.5 percent interest for 2 months.. as the days exceeded 30 days...
For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m
In your case 1.5 percent interest for 2 months.. as the days exceeded 30 days...
16 October 2013
Also for information..
If there was delay in deduction than interest is also payable @1%.
If there was delay in deduction than interest is also payable @1%.
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