Hi,
Please clarify the Interest to be paid.
1. Rent paid date- 10th Jan 2013
2. Date of deduction – 20th Mar 2013
3. Date of payment – 20th March 2013
Please clarify on the number of months for the interest need to be calculated and at what rate.
vamsi netha (Sr Accountant) (57 Points)
11 December 2013Hi,
Please clarify the Interest to be paid.
1. Rent paid date- 10th Jan 2013
2. Date of deduction – 20th Mar 2013
3. Date of payment – 20th March 2013
Please clarify on the number of months for the interest need to be calculated and at what rate.
Neljo Davis ACA
(Consultant)
(630 Points)
Replied 11 December 2013
As per 201(1A)(i) of IT Act, Pay simple interest at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted;
3% interest (1% for 3 Months)
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 12 December 2013
Interest - 3% in your case
Tax Deductible Date to Tax Deducted Date - 1%
Tax Deducted Date to Tax paid Date - 1.5%
In your case both Tax Deducted Date and Paid date is same
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
