if i deducted tds on rs 50000 under section 194j rs 5000 on dated 30/09/2011but i deposited tds on 07/12/2011 only rs 5000/- not deposit the intrest on rs 5000/- how much intrest i will deposit on 31/05/2012.
GAURAV PAL (Sr. Accountant) (49 Points)
16 May 2012if i deducted tds on rs 50000 under section 194j rs 5000 on dated 30/09/2011but i deposited tds on 07/12/2011 only rs 5000/- not deposit the intrest on rs 5000/- how much intrest i will deposit on 31/05/2012.
ankita Goyal
(Student CA Final)
(113 Points)
Replied 16 May 2012
Int on late deposite of TDS will be
5000*1.5%*3months= 225
Tejas Jain
(Chartered Accountant)
(314 Points)
Replied 16 May 2012
Don't Worry TIN_NSDL will generate default and calculate the interest amount and send notice after you file TDS Return you just pay that amount and file corrected return.
Tejas Jain
(Chartered Accountant)
(314 Points)
Replied 16 May 2012
If you Pay Interest of Rs. 225 thn also they will generate default because you have not paid interest on time. its better to let them calculate the interest and give the notice for payment of interest.
Tejas Jain
(Chartered Accountant)
(314 Points)
Replied 16 May 2012
by the time Department sends the notice, Carrom Ramvanu .....................Juice Pivanu................ ne Majja ni Life....
CHAVDA SANJAY MANSUKHBHAI
(proprietor)
(402 Points)
Replied 13 February 2015
4 months
30-09-2011 - 1 month
30-10-2011 - 1month
30-11-2011 -1 month
07-12-20111 - 1month
4 month interest as per income tax Act =5000*1.5*4=300
Puneet Mittal
(Sr. Officer Accounts)
(196 Points)
Replied 14 February 2015
Interest Rs. 300 of 4 month is correct. You should revised your return after deposit interest.
monika ahuja
(Student CA Final )
(85 Points)
Replied 14 February 2015
Interst should be 5000*1.5%*4=300
Further there is rule that if you get notice of TDS then you are required to solve notice within 30days of notice,otherwise you liable for additional interest 1% i.e 300*1%*(months fron expiry of 30days to payment date)
So easy way is that login in tds-CPC ,Check inbox containing notice,if not then only pay 300 and revise return.
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