What is the interest rate applicable for late payment of tds
This query is : Resolved
02 November 2012
what is the rate applicable for interest on late payment of TDS ?
How to calculte it ?
which section provides the guidlines for late payment of TDS ?
How to calculte it ?
which section provides the guidlines for late payment of TDS ?
02 November 2012
3. Charging of Interest u/s. 201(1A) of the Act.
1% p.m. or part of the month on the amount of such tax from the date on which it was deductible to the date on which it is deducted.
1.5% p.m. or part of the month on the amount of such tax from the date on which it was deducted to the date on which it is actually paid.
1% p.m. or part of the month on the amount of such tax from the date on which it was deductible to the date on which it is deducted.
1.5% p.m. or part of the month on the amount of such tax from the date on which it was deducted to the date on which it is actually paid.
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03 November 2012
Example:
1) TDs due date 07/08/2012
2) Date of payment 21/08/2012
3)Tds Deducted rs 2000
4)Tds paid rs 2000
5)TDS deducted is for the month of july
6)How will it be calculted ?
7)When is 1.5 pm to be apllied ?
8)when is 1 pm is to be charged ?
1) TDs due date 07/08/2012
2) Date of payment 21/08/2012
3)Tds Deducted rs 2000
4)Tds paid rs 2000
5)TDS deducted is for the month of july
6)How will it be calculted ?
7)When is 1.5 pm to be apllied ?
8)when is 1 pm is to be charged ?
03 November 2012
One date is missing here when you have deducted the TDS.
03 November 2012
1)TDS have been Deducted for various party on different days.
2) They are all deducted in July month only.
2) They are all deducted in July month only.
03 November 2012
Then 1% interest is not applicable because you are supposed to deduct in july and you have deducted in july.
1.5% p.m. interest is applicable from the date of deduction to the date of actual payment. (part of month to be convertedt into full month)
1.5% p.m. interest is applicable from the date of deduction to the date of actual payment. (part of month to be convertedt into full month)
03 November 2012
k I got it, you mean we need to calculate TDS interest from the date it was deducted ...
1)one is deducted on 05/07/2012
2)other one is deducted on 10/07/2012.
1)one is deducted on 05/07/2012
2)other one is deducted on 10/07/2012.
03 November 2012
1)Part of the month be converted to full month
2)what does that mean ?
2)what does that mean ?
03 November 2012
It means from 05.07.12 (date of deduction) to 21.08.12 (date of pmt) months comes to 1.5 around but you have to pay interest for 2 months.
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