Tds interest

This query is : Resolved

ashok thakker (Querist)
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28 April 2013 Sir,
We found from TDS return submitted by our appointed agency that the TDS for rent bill booked on 1-8-12 and 1-9-12 was deposited on 8-10-12,pl let us know the incidence of interest on both bills as to how much interest accrued which we want to pay by 30th of this month,with revised return,pl advise.
regards,

ashok thakker

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 April 2013 The first date (1-8-1-12) is not clear please mention the dates clearly.

ashok thakker

ashok thakker (Querist)
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29 April 2013 Sir,
Sorry, have modified,your valuable advice is solicited.

regards,

ashok thakker

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 April 2013 Interest on late deposit:

For bill booked on 01-08-12 - 4.5% (for 3 months) of TDS amount

For bill booked on 01-09-12 - 3% (for 2 months) of TDS amount

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ashok thakker

ashok thakker (Querist)
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29 April 2013 Sir,
Thanks,my accountant says it have to be up to date of revised return to be submitted..??
pl advise if he is wrong.....

regards,

ashok thakker

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 April 2013 Yes before revising the return it is better to pay the interest and show the payment in your revised return to avoid generation of any default.

ashok thakker

ashok thakker (Querist)
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29 April 2013 Sir,
There seems i could not narrate properly to you,yes i agree to pay it before revised return, but my accountant told that interest to be paid till date of revision not till date of payment of TDS as you have suggested,
i know logically he is wrong but just to be sure,
sorry once again for bothering you....
sir please.....clarify,
regards,
ashok thakker

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 April 2013 Yes interest to be paid till the date of deposit of TDS and not till the date of filing of revised return.

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ashok thakker

ashok thakker (Querist)
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29 April 2013 Sanjay Sir,
Thank you very much....for all advices and guidance....

regards,

ashok thakker

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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11 June 2013 Any default in payment of TDS interest is attracted as suggested by the expert and the same is to be paid up to the date of payment of TDS but you have to pay for fraction of the month also. If the amount is big then you may receive a notice from the CIT for prosecution u/s 276B for late payment of TDS but you should pay the interest immediately up to the date of payment of TDS

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