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Tds
I have recd a notice from department and according to their calculation :
Date of deduction 30/03/13
Date of deposit of challan 06/06/13
They calculated the months as 4 months and we talked to traces helpcentre they said march month will be taken full and also the june month , and the same calculation is in justification report.
Replies (2)
Thats correct, cause as per the act even the part of the month (which can be interpreted a day also) will be taken as a full month. and Hence March, April May & June = 4 months are taken.
And if TDS is not paid within the due date then Interest on Late Payment will be calculated from Date of Deduction.
Section 201(1A) of IT act,Interest on late payment of TDS will be payable @ 1.5% for month or part of a month.Interest will be payable on four months only.Hence Dept. is correct in the calculation of months
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