Hi,
Do we need to consider the "Due date" while calculating the interest for TDS?
Menu
Interest on TDS
Replies (15)
TDS on interest should be deduct on receipt basis.
| 1 | Interest for not deducting TDS | ||
| Interest | Days From | Days upto | |
| 1 % P.M. or part of month on the amount of such tax | From the date such tax was deductible (ie- At the time of payment was made to the party) | Actual deduction of the tax | |
| 2 | Interest for not depositing TDS befor due date. | ||
| Interest | Days From | Days upto | |
| 1.5 % P.M. or part of month on the amount of such tax | From the date the tax was actually deducted | To the date the tax was actually deposited | |
Kindly let me know the above mentioned is right or wrong
Yes, you need to consider the due date for the calc. of intt. on TDS
Its right
as per which section 1.5% interest on TDS not deposited....???
Interest on TDS not deposit has increase from 1 % to 1.50% from 1st October - 2010
i could not find it in amendments for may exam...... can u tell me section number please... i
https://www.simpletaxindia.org/2009/02/late-deposit-of-tds-interest-penalties.html
is it an ammendment made by finance act 2011 by giving retrospective effect to tat provsion........
yes.....
if its an ammendment made by finance act 2011......i hope it should not be considered in may examination.....
Dear Friend,
It is an ammendment made by finance act 2010.
Dear Friends,
Interest for late payment of TDS is @ 1% p.m. at the time.
Regards,
Vikash Kharvar
@ vishal...
it an ammendment made by finance act 2010
just now i got clearified abt it by referring to the FA 2010 amendments list of institute for may examination
its 1% for late deduction and 1.5% for late deposit of deducted amt....
Recent Topics :
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
Related Topics :
CAclubindia
