Tds

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Henil Shah

Sr. Account Exicutive

182 Points Posted on 05 July 2013

Dear All,

My company received a notice from tdscpc thru mail demanding sum amount u/s. 156 regarding late payment interest u/s. 200A of the act. I download the justification report from the tdscpc which shows me the transaction on which the said interest is levy.

(1) We have already paid interest on the said transaction @ time of filling of return and
(2) They calculate interest for 2 months but actually it was for only 1 month (which already paid)

Now pls let me know what to do in this case. Can we mail @ contact @ tdscpc.gov.in or submit letter to AO.

Replies (2)

CA Momin Owais Ahmed

Audit Manager

164 Points Posted on 05 July 2013

Dear Henil Shah,

As per Section 220, TDS interest calculation is required to be paid for the period starting from Date on which deduction is made & not from the date after due date of Payment of TDS.

Ex. Date of Deduction 10th April

Due Date of Payment 7th May

Actual Date of Payment in 12th May

then interest will be paid for part of April i.e. from 10th April to 31st May

AND for part of May i.e. from 1st May to 12th May