Interest on late payment of tds 194c

TDS 1028 views 1 replies

I have paid TDS for 194C related to Q2 FY 12-13 on 05/10/2012. Later on 08/10/2012 it was found that TDS (194C) of Rs. 3249/- was remain to paid & it shows in TDS Ledger.

My Questions are

1) What is the Tax Impact of the above ?

2) What will be the interest on that amount ?

3) What is the Calculation of Interest as per Tax Rule ?

4) Can I show the above amount & interest thereon in Q2 Return Filing or I have to submit revised return after Q2 Regular Return separately ?

 

Please suggest.

 

Tushar Ray

UltraTech Cement - A/c

 

Replies (1)

1. Interest paid on late payment of TDS will not be allowed as an expense.

2. Interest will be 1.5% p.m. for one month.

3. 3249*1.5% = 49

4. You can show the above amount & interest thereon in Q2 Return Filing i.e. in original itself.


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