What is the last date of paying the deducted tds in the month of march
if not paid in time then what is the interest charble
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tds
Replies (3)
The below is extract of my previous post. Please let me know if you want any thing more.
FYI
For A.Y. 2009-10
|
Situation
|
Particular
|
Date till which if paid will be allowable in for A.Y. 2009-10
|
|
Situation 1
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Tax was deductible in the month of February 2009
|
7th of March 2009 without Interest,
31st of March 2009 with penal Interest
|
|
Situation 2
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Tax was deductible in the last month (March 2009)
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7th of April 2009 if it is regular entry,
30th May 2009 if it is occurs once to settle year's transaction
30th September 2009 with penal Interest (for auditable assesses)
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Intrest @ 1% per month of Tax amount shall be payable.
Thanks
Well according to me the last date for Crediting the TDS deducted into Govt. account depends on the two basic situations.
Situation 1 :- If the TDS is deducted or credited on 31 Day of March in the books then it should be deposited till 31st may of the same Financial year otherwise the expenses on which u have deducted TDS will be disallowed.
Situation II : If TDS is credited at any of the day but before 31st day of march then last date is 07 of next month i.e 7 April and if deposited late will attaract an interest of 1% P.M
Dear Mr. Raj Singh,
Please justify your views in relation to section 40(ia).
Please update me if I am wrong.
Thanks
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