Delay in payment of TDS

TDS 2129 views 6 replies

As per new provision of TDS the penalty for delay in payment is "1% p.m. or part
of a  month"
thus if the delay is suppose from 23rd April to 3rd June. therefore 3% interest will be applicable or interest for the month of April and June will be on pro rata basis.Pls ans. urgent.thank you.

Replies (6)

for 3 months

Yes, it is 1% P.M. so calculate the interet accordingly

TDS due date will be considard for month count so in your case i wuld say 2 months interest. ( 7th of next month is due date)

Yeah INTEREST AND PENALTY IS APPLICABLE. AND PLEASE DISCLOSE THE SAME IN tAX aUDIT REPORT

Originally posted by :CA CS* Prakash Somani (A helping Hand)
" TDS due date will be considard for month count so in your case i wuld say 2 months interest. ( 7th of next month is due date) "


 

Thanks for your answer Mr. Somani but as per the act the period of calculation of interest is from the date of deduction and not due date. pls give an explanatory ans since I am still confused on the topic.

Delay in payment of TDS attracts an interest of 1% p.m. from the due date.The period of interest is calculated from the due date to the date of actual payment.No pro rata basis,part of the month is 2 considered as as 1 whole month.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register