Swapnil (Accounts Executive) (30 Points)
06 September 2012I had deducted the tds on 13.03.2012 but I am failed to paid on due date. I have to pay tds + interest on 07.09.2012. Then how much interest should have to be pay kindly bifurcate. In % and months also means what % is applicable and how many months interest I have to pay.
TDS amount is = 1522
Kindly do the needful at the earliest.
Swapnil
9881735014
Alok Srivastava
(Consultant)
(210 Points)
Replied 06 September 2012
hI,
Sec 201(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—
(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,
and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.
ACCORDING TO THIS SEC.
13.03.2012TO 07.09.2012 1522*7*1.5%= 159.81=160(Interest)
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