Sivaprasad.M (Chartered Accountant) (83 Points)
27 April 2012Dear all. I got an intimation u/s 200A for late payment of TDS. In that Interest is calculated under two heads. One is int up to dt of deposit of tax and other is till date of generating intimation. I have a doubt in second heading, ie which section speaks abt interest till generation of intimation. I think interest for late deposit of TDS is payable only up to date of deposit. Kindly clear my doubt.
Rinku Rawat
(accountant)
(48 Points)
Replied 27 April 2012
Hi Mr Sivaprasad
I think there would be mismatch in challan detail you have entered for your tds return thats why system had charged you for "interest till intimation is generated", basically this will be interest on the challan amount which is not matched in tds system and system shows it as unpaid. There is no need to deposit this demand of till intimation generation only rectify your return with correct challan detail and deposit the first demand of interest on late deposit of tds only
regards
Rinku Rawat
vijayaggarwal
(CA. IN PRACTICE)
(89 Points)
Replied 27 April 2012
Dear Sivaprasad M.
You have to pay both kind of Interest.
First one is charged for delay deposit of TDs i.e. 1.5% from date of deduction to date of deposit.
Second one is penal interest charged U/S 220(2), i.e. 1% from date of deposit of tax amount till date of deposit of interest amount.
The second one is also compulsory to deposit.
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