hello everyone, i have received demand notice for interest on late payment of TDS deducted under section 201(1A). date of TDS deduction is 19/7/2012 and date of deposit of TdS deducted amount is 8/8/2012, so my liablity of interest is for 1 month only but in justification report they have demanded interest of 2 months. please guide me what should i do now????
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Tds interest
Replies (2)
It is not the date of tds deduction which is important. It is the date of payment or date when entered in books of account which ever is earlier matter for interest calculation. Can you provide the date of payment.
Date of payment in the sense when you pay the amount or if you had not paid the amount but entered as you paid at that point itself tds has to be deducted
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