what is the rate of interest at present for late deposite of tds to the govt.?
and if tds was of 1st and 2nd qtr. i.e 1/4/09 to 30/09/09
Sorabh Gupta
(Manager ( Taxation ))
(877 Points)
Replied 10 November 2009
1% interest per month......................
Ankit 21 CA,CS,B.Com
(CA)
(3949 Points)
Replied 10 November 2009
CA MARUTHI GANDHI
(JOB)
(60 Points)
Replied 10 November 2009
| Originally posted by :pratik | ||
| " | what is the rate of interest at present for late deposite of tds to the govt.? and if tds was of 1st and 2nd qtr. i.e 1/4/09 to 30/09/09 |
" |
If TDS was not paid with in the due date ie 7th of following month then we need to pay interest @ 1% per month or part thereof from the date of deduction or credit till the date of actual payment.
Forex if tds deducted on 15/6/09 and paid on 20/7/09 then interest has to be paid for 2 months. Why because 1% PM is for calender month.
| Originally posted by :MARUTHI GANDHI VADDI | ||
| " | If TDS was not paid with in the due date ie 7th of following month then we need to pay interest @ 1% per month or part thereof from the date of deduction or credit till the date of actual payment. Forex if tds deducted on 15/6/09 and paid on 20/7/09 then interest has to be paid for 2 months. Why because 1% PM is for calender month. |
" |
Maruthi gandhi is correct.
Girish K Gupta
(Accounts Manager)
(31 Points)
Replied 11 November 2009
Tell me, if an Post office RD Agent deposit any sum into Post office under the scheme and gets 4% commission on the sum deposited ( This percent of commission is according to P.O. regulations) What % of TDS should be deducted by P.O. on such commission payments.
Girish K Gupta
(Accounts Manager)
(31 Points)
Replied 11 November 2009
What is the new rate of TCS on Timber obtained under a forest lease. If any supplier deducts more than the said TCS % after 1 Oct 2009 mentioned into the invoices issued by him and the same have been marked through the state Check Posts. Will such deduction be applicable and allowable for reimbursement for the assessment of Income Tax.
CA Parth Shah
(Chartered Accountant)
(369 Points)
Replied 11 November 2009
Mr Girish Kupta,
U have to set the matter with deductor by issuing debit note.
Department never approves Tds excessive then rates specified in respective Finance Act.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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