Will interest be charged if notice amount paid later.
This query is : Resolved
Natasha Mourya
(Querist)
19 August 2014
Sir,
I have received notice under (Short Deduction, Interest on Short Deduction, Interest on late Payment, Late Filling) of previous years from 01.04.2009 to 31.12.2013 in different quarters. The amount mentioned in notice shall be paid to Income tax department without any question. I want to know these errors r from previous years, it has been a long time since amounts of different notices are still pending, I want to deposit all amounts reflected in notices after making correction in PAN if it has. Will there be any extra amount be charged by ITD as interest with the amount of specified notices bcoz it already delayed....
Its urgent.........
I have received notice under (Short Deduction, Interest on Short Deduction, Interest on late Payment, Late Filling) of previous years from 01.04.2009 to 31.12.2013 in different quarters. The amount mentioned in notice shall be paid to Income tax department without any question. I want to know these errors r from previous years, it has been a long time since amounts of different notices are still pending, I want to deposit all amounts reflected in notices after making correction in PAN if it has. Will there be any extra amount be charged by ITD as interest with the amount of specified notices bcoz it already delayed....
Its urgent.........
CA UMESH DULAL
(Expert)
19 August 2014
interest on short deduction will be charged till the date of deposit of amount.
CA UMESH DULAL
(Expert)
19 August 2014
interest on short deduction will be charged till the date of deposit of amount.
Natasha Mourya
(Querist)
19 August 2014
Umesh Ji I hve 2 Doubts
1:- Only Interest on short deduction will be charged till the date of deposition ? & other interest ie. Interest on late payment etc, Will it be deposited the same amount as mentioned in notice ?
2:- My boss received notice in April 2011 for Q3 FY 10-11 as short deduction a sum of Rs:- 10000/- but didn't respond, its too late, how much interest would I have to charge over above amount. 1 percent p/m & part of month commencing date on which TDS filled to the date on which interest on Short deduction is deposited isn't ?
1:- Only Interest on short deduction will be charged till the date of deposition ? & other interest ie. Interest on late payment etc, Will it be deposited the same amount as mentioned in notice ?
2:- My boss received notice in April 2011 for Q3 FY 10-11 as short deduction a sum of Rs:- 10000/- but didn't respond, its too late, how much interest would I have to charge over above amount. 1 percent p/m & part of month commencing date on which TDS filled to the date on which interest on Short deduction is deposited isn't ?
CA UMESH DULAL
(Expert)
19 August 2014
1. Interest on late payment will not increase as you have already deposit the tds amount.
2. it is 1.5% per month or a part there off.
2. it is 1.5% per month or a part there off.
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Natasha Mourya
(Querist)
19 August 2014
Date isn't mentioned on notice, which date should I use for calculation, I read justification report on which Order passed date is mentioned....is it valid date to calculate ?
CA UMESH DULAL
(Expert)
19 August 2014
yes it is valid date if mentioned on justification report.
CA UMESH DULAL
(Expert)
19 August 2014
yes it is valid date if mentioned on justification report.
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Rupesh Jain
(Expert)
19 August 2014
you can check the justification report for upto date intt.
Natasha Mourya
(Querist)
19 August 2014
Thanking you all.....
Natasha Mourya
(Querist)
20 August 2014
GM, I m confused a bit..Plz help...
Original TDS returned was filled on 14Jan2013,for FY 2012-13 Quarter3_26Q. A demand notice is on short deduction Rs:- 6480, (Date of Processing of Last Accepted Statement) is mentioned on Justification report 08Aug2013, & date of payment to deductee is 08Nov2012 Rs:-36000. I want to know either I calculate interest on short deduction @1% from payment date to deductee which is 08Nov2012 to date of processing statement which is from justification report 08Aug2013, or it will be calculated from 08Nov2012 to Till date if I deposit today???????
Original TDS returned was filled on 14Jan2013,for FY 2012-13 Quarter3_26Q. A demand notice is on short deduction Rs:- 6480, (Date of Processing of Last Accepted Statement) is mentioned on Justification report 08Aug2013, & date of payment to deductee is 08Nov2012 Rs:-36000. I want to know either I calculate interest on short deduction @1% from payment date to deductee which is 08Nov2012 to date of processing statement which is from justification report 08Aug2013, or it will be calculated from 08Nov2012 to Till date if I deposit today???????
CA UMESH DULAL
(Expert)
20 August 2014
you have to pay the interest on short deduction till today (if you pay today) @1.5% p.m. from the date of payment.
Natasha Mourya
(Querist)
20 August 2014
thx a lot sir....I recently had a glance over Income tax book of different section of interest where I found 1% is for TCS u/s 206C(7) but not mentioned the duration of payment...will the same procedure be applicable of interest payment as on short deduction ??
CA UMESH DULAL
(Expert)
20 August 2014
yes
CA UMESH DULAL
(Expert)
20 August 2014
yes
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