Hi Friends,
After 1.7.10, Interst @ 1% is payable From Date Deductible till Date of Deduction
and 1.5% is payable from Date of Deduction till Date of Deposit.
My Doubt is What is Date Deductible?? Give Some Example
and what is Date of Deduction???
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Interest on tds
Replies (1)
Deductible date means date of payment or credit (of sum on which tax is deductible) which ever is earlier.
Date of deduction means date on which actual tax is deducted.
For example
Advance payment made to contractor for rs 100000/- on 2/2/13. Later on contractor submits bill for rs. 150000/-. it is taken in books on 5/3/13 and TDs deducted on full amount
Deductible date 2/2/13 for 100000
and 5/3/13 for 50000/-
Deduction date 5/3/13 for 150000. U have to pay interest for late deduction on rs 100000/-
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