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Tds
an amt of 40000 was paid to Mr X on 1.07.2014 for professional fees without TDS.Subsequently another payment of 50000due to Mr X on 28.2.2015 from which tax @ 10% (amting 9000) on the entire amt of 90000 was deducted.However tax of 9000 deposited on 22.6.2014.Compute int chargeable under section 201 (1A).
Plz do reply wth reason.
Replies (6)
please check your date of the payment of rs 50000
please chek your date of TDS deducted and TDS deposited.
Yea.....I M sorry 9000 deposited on 22.6.2015
for 07-01-2014 rs 40000/- TDS on this 4000/- int:-1020
for 28-02-2015 rs 50000/-TDS on this 5000/- int:-300
the calculation is based on 22.06.2015 (if u going to pay the TDS on this )
If there is any delay in depositing the amont of TDS interest shall be charged @ 1.5% per month or part of month from the Date on which TDS was Deducted till the Actual Date of Payment. Therefore intrest shall be charged as given below.
1. On 4000/- from 01.07.2014 to 20.06.2015 for 12 months & interest amount is Rs. 720/-
2. On 5000/- from 28/02.2015 to 20.06.2015 for 5 months & interest amount is Rs. 300/-
Regards,
Shubham
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