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.
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.
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)
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
Naveen Fintech Pvt Ltd
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Gupta Sachdeva & Co. Chartered Accountants
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