Dear Memers,
I have one query about interest on delay in deposit of TDS. Following are the details:
Date of dedcution of TDS 31.03.2013
Due date for Deposit of TDS: 30.04.2013
Date of deposit of TDS with Govt. : 01.05.2013
For above transactions, when i have generated Justification Report it shows interest of 3 months. So just ofr delay in 1 day resulted into huge interest for 3 months. Now, what is remedey and whom to approach for rectification of above?
Kinldy clarify teh same.
Interest chargeable from date of deduction not due date . So it is correct 3 months. There is nothing wrong since law is clearly specified.
It was misconception about calculation of interest for tds. If u know how to operate your tds software it can generate interest payable and will show u 3 months
BUT TO THE BEST OF MY KNOWLEDGE INTEREST WILL BE CALCULATED AS I HAVE MENTIONED. LIKE HERE DELAY IS BY 31 DAYS. SO 30 DAYS MEANS 1 MONTH AND REMAINING 1 DAY WILL AMOUNT 1 MONTH .HENCE 2 MONTHS.
Mr. Ankur is correct. Hi Shubham Sarada erlier NSDLcalculation of interest for tds on delayed days, Now CPC calculation of interest for tds Months.
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