Tds delay payment

its not correct IF YOU HAVE DEPOSTED THE SAME BEFORE DUE DATE...

OR PRIVIOUS DAY OF DUE DATE

Originally posted by : Sumeet
	its not correct IF YOU HAVE DEPOSTED THE SAME BEFORE DUE DATE... OR PRIVIOUS DAY OF DUE DATE

Sorry Sir, 

TDS deduction date is 31/12/2011   - Due date for deposit is 7/1/2012 was a  Saturday and 8th was Sunday.

Amount Deposited on 9/01/2012 with two days delay interest of Rs. 52/-

Department calculated interest  Rs. 793/-  

Is it correct?

interest charged will for 1 month i.e. 1.5% of 52854= 792 plus 3% of 792  comes to 816 , & round off comes to 820

dept's demand notice is correct........

sir what to do if i am getting a letter to file correction return with notice of demand fo lwer tds deduction and payment.

even for a single day delay, tds has to be paid for month... as defination include part or part there off. yes u need to deposit accordingly

Dear Tirupurari,

Kindly visit the relevant ITO-TDS and ask for the details of mistakes/mismatches.  I believe a part of this info is also available on TIN-NSDL website now (i am not sure of this part as I haven't done a TDS return correction in last one year). 

Generally, the ITO shall provide you with the details of mistakes in print out/ soft copy.  On basis of the same you may correct the TDS return.  In case any mistake pointed by ITO has been wrongly pointed out or is on account of wrong judicial interpretation, you may submit written submissions in respect to the same. 

Normally the above process should take care of the demand raised.  However, if some portion of deman raised is on account of actual short deductions by the deductor, the same has to be paid off.

If you are not satisfied byt he final order passed by ITO-TDS, you have the option of filing appeal with CIT (Appeals) TDS

Thanks for the advise dear nikhil

Originally posted by : CA Lokesh Pokharna
	interest charged will for 1 month i.e. 1.5% of 52854= 792 plus 3% of 792  comes to 816 , & round off comes to 820 dept's demand notice is correct........

agree with CA lokesh....but i wanna know why this 3% added in 792???

Dear Karan,

3% is the EC and SHEC

ok...thanx