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tds

CA Devender Chauhan (Group Financial Accountant) (1526 Points)

16 November 2010

We have deposited the challan to the bank for TDS payment for the month of october on 3rd november but the bank didn't deducted the amount from our account till 15 nov. They have deducted the amount yesterday from our account. I want to know that are we liable to pay the intt for default for the late payment.

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5 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 16 November 2010

The decision of the GOI in Sahara Airlines v CCT (110 Taxman 378) and P. L. Haulwel Trailers Ltd. v DCIT (100 ITD 485) decision of the Chennai Tribunal the date of presentation has been considered as the date of payment.

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CA Devender Chauhan (Group Financial Accountant) (1526 Points)
Replied 17 November 2010

sir you mean to say that date of deposit is considered as date of payment

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 17 November 2010

That is what it means i think.

Rahul Agarwal (Future CA) (217 Points)
Replied 18 November 2010

No you are not liable to pay the interest.

As there was no delay on your part. This was a bank internal error

K.Sivakumar (Chartered Accountant) (60 Points)
Replied 18 November 2010

I hope when you meant Challan, you have a proof of deposit on 3rd Nov 2010 (with a bank seal and signature for having delivered the challan on 3rd Nov 2010). As long as you have the proof of deposit, even though, the bank has not debited your account, we can go by the case law quoted by Mr. Aditya Maheshwari.

In case, you have the date seal on the challan as only 15th, I doubt whether we can go by the above.

Sivakumar.K