What is rate of interest on tds for purchasing property

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Haider Naqvi (Querist)
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17 October 2014 My boss purchases property in june 2013 but couldn't deposit TDS a sum of Rs:- 90000 thousand, which is 1% on the property value 9000000 lac. I want to know what is the rate of interet of TDS if I deposit TDS today ?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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17 October 2014 Interest payable as under
(i) at one per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
(ii) 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
CA MANOJ GUPTA
JODHPUR
09828510543

Haider Naqvi

Haider Naqvi (Querist)
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17 October 2014 Manoj Ji, Property was purchased on 01June2013 but TDS is deposited on 17Oct2014. It means firstly I calculate 1% interest for 17 months till today. after date against I should calculate 1.5% interest for 17 months till today.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 October 2014 when did you deduct the tax, on 1 June 2013 if not mistaken..

assuming that to be correct then interest at 1.5% pm is to be deducted from June 2013 to October 2014 ie 17 months.

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