raj shome (Student CA Final ) (62 Points)
02 July 2013TDS for 4th Quarter of 2012-13 amounting to Rs.75000 was not deposited on or within 30-04-2013(due date); instead it has been deposited on June'13(ie, 28-06-2013 to be exact).Owing to this, interest @ 1.5% SHOULD to be deducted.However the same was not deducted.
Please advise the rate of 1.5%p.m is to be applied for how many months for calculating the net figure of TDS.
vikas
(student )
(139 Points)
Replied 02 July 2013
if assessee tds not deduct and pay on time than assessee liable to pay interest on TDS on the following rate
from the date of deductible to the date of actual deduction 1% per month or part of the month
from the date of actual deduction to date of deposit 1.5% per month or part of the month
DIBYENDU
(SERVICE)
(266 Points)
Replied 02 July 2013
Asume TDS was deducted on dt-30-03-2013,.
TDS will be deposited 28-06-2013
TDS amount =Rs.75000.00
Interest=Rs.75000 X 1.5%X 3 month=Rs..3375.00
Mahavir
(Student)
(161 Points)
Replied 02 July 2013
Interest is payable for 4 months (if it is deducted in March) at 1.5% per month on the TDS amount...Interest is leviable from the month od deduction of deduction irrespective of the due date of payment.
manoj katara
(Service)
(209 Points)
Replied 02 July 2013
agreed with Dibyendu,
Interest will be payable for late payment @ 1.5% for three months ie April To June
Because in june the liability was paid & hence the interest is from the due date till the date of payment of tds liability.
Hence Interest component will be Rs 75000 * 1.5% * 3months = Rs 3375 to be paid as late payment interest of tds.
Mahavir
(Student)
(161 Points)
Replied 02 July 2013
| Originally posted by : manoj katara | ||
 |
agreed with Dibyendu, Interest will be payable for late payment @ 1.5% for three months ie April To June Because in june the liability was paid & hence the interest is from the due date till the date of payment of tds liability. Hence Interest component will be Rs 75000 * 1.5% * 3months = Rs 3375 to be paid as late payment interest of tds. |
 |
for late deposit of TDS after deduction, period starts from the date tax was deducted till the date of actual payment of TDS..hence interset for 4 months should be paid..
Javed Shaikh
(Article)
(27 Points)
Replied 02 July 2013
H!...
Agreed With Mahavir,,,it should be 4 month(Mar, April, May and June)
As i know 1 Month means 1 Engilsh month and not a period of 30 days..
Aman Sharma
(Student CA Final )
(73 Points)
Replied 03 July 2013
Dear Raj shome refer only vikas's answer. You should provide the date of deduction if u want us to calculate since interest is paid from the month of actual deduction (not due date) to the date of deposit @ 1.5% p.m.
1% is paid if u fail to deduct the TDS on time i.e. date at which it becomes deductible to the date it is actually deducted.
Ayush Tripathi
(ca final)
(169 Points)
Replied 05 July 2013
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