Greetings to all!
Would someone kindly clarify if due to bank holiday on7 April , could TDS for March (other than due on 31March ) be deposited on 8Apr?
Kindly treat it as most urgent
Thanking you in anticipation
Rajkumar
rajkumar (business) (58 Points)
07 April 2009Greetings to all!
Would someone kindly clarify if due to bank holiday on7 April , could TDS for March (other than due on 31March ) be deposited on 8Apr?
Kindly treat it as most urgent
Thanking you in anticipation
Rajkumar
Umesh
(F & A - Outsourcing)
(34 Points)
Replied 08 April 2009
Hi Raj,
If day 7th of a month is a Bank Holiday, TDS can be deposited on 8th without any interest as per Section 10 of General Clause Act.
Deepak Jain
(CA)
(69 Points)
Replied 07 June 2009
I am reproducing circular 676 dated 14-01-1994 which was issued for clarifying that interrest u/s 234 B,234C will not be applicable in such a case.
In such cases section 10 of the General Clauses Act, 1897 will be applicable. This section lays down that where any Act or proceeding is directed or allowed to be done or taken in any Court or office on a certain day or within a prescribed period, then, if the Court or office (in the present case the bank which is authorised to receive payment of advance tax from the assessee) is closed on that day or on the last day of the prescribed period, the Act or proceeding shall be considered as done or taken in due time after it is done or taken on the next day, afterwards, on which the Court or office (or the bank) is open.
In view of above it is clear that if the last day for payment of any instalments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the no interest can be charged under Income-tax Act, 1961 .
-------------------------------------------------------------------------------------------------
Representations have been received by the Board seeking waiver of interest chargeable under sections 234B and 234C of the Income-tax Act, 1961 for default in payment of instalments of advance tax by the due dates which are prescribed under section 211 of the Income-tax Act. In cases where the last date for making payment of such instalments (i.e., 15th September, 15th December and 15th March) happens to be a holiday and the assessee pays the due amount of advance tax on the next working day.
Deepak Jain
(CA)
(69 Points)
Replied 07 June 2009
I am reproducing circular 676 dated 14-01-1994 which was issued for clarifying that interrest u/s 234 B,234C will not be applicable in such a case.
In such cases section 10 of the General Clauses Act, 1897 will be applicable. This section lays down that where any Act or proceeding is directed or allowed to be done or taken in any Court or office on a certain day or within a prescribed period, then, if the Court or office (in the present case the bank which is authorised to receive payment of advance tax from the assessee) is closed on that day or on the last day of the prescribed period, the Act or proceeding shall be considered as done or taken in due time after it is done or taken on the next day, afterwards, on which the Court or office (or the bank) is open.
In view of above it is clear that if the last day for payment of any instalments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the no interest can be charged under Income-tax Act, 1961 .
-------------------------------------------------------------------------------------------------
Representations have been received by the Board seeking waiver of interest chargeable under sections 234B and 234C of the Income-tax Act, 1961 for default in payment of instalments of advance tax by the due dates which are prescribed under section 211 of the Income-tax Act. In cases where the last date for making payment of such instalments (i.e., 15th September, 15th December and 15th March) happens to be a holiday and the assessee pays the due amount of advance tax on the next working day.
Deepak Jain
(CA)
(69 Points)
Replied 07 June 2009
I am reproducing circular 676 dated 14-01-1994 which was issued for clarifying that interrest u/s 234 B,234C will not be applicable in such a case.
In such cases section 10 of the General Clauses Act, 1897 will be applicable. This section lays down that where any Act or proceeding is directed or allowed to be done or taken in any Court or office on a certain day or within a prescribed period, then, if the Court or office (in the present case the bank which is authorised to receive payment of advance tax from the assessee) is closed on that day or on the last day of the prescribed period, the Act or proceeding shall be considered as done or taken in due time after it is done or taken on the next day, afterwards, on which the Court or office (or the bank) is open.
In view of above it is clear that if the last day for payment of any instalments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the no interest can be charged under Income-tax Act, 1961 .
-------------------------------------------------------------------------------------------------
Representations have been received by the Board seeking waiver of interest chargeable under sections 234B and 234C of the Income-tax Act, 1961 for default in payment of instalments of advance tax by the due dates which are prescribed under section 211 of the Income-tax Act. In cases where the last date for making payment of such instalments (i.e., 15th September, 15th December and 15th March) happens to be a holiday and the assessee pays the due amount of advance tax on the next working day.
Mohit
(NA)
(21 Points)
Replied 17 April 2011
But as per Notification No. 41/2010 dt. 31-05-2010, Due date for deposit of TDS for entire month of March (incl 31 March) beginning wef March 2011, is to be deposited before April 30
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
