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Tds interest
I had not deducted tds on some amount ...but now I realised that it has to be deducted ...
now I have consider 1.5% p.m interest as late deposit of tds from the date of deduction till date of payment ...
in the above case
is interest on late deduction as well as interest on late deposit both applicable?
Replies (9)
Yes both intt will be calculated as per section 201. Please check the calulations in this case.
Regards
TDS section is 194 j..
Amount = 30000
Tds=3000
Date of deduction= June 2011
Date of payment = today (before march)
Interest on late deduction = 3000*1%*34=1020
Interest on late deposit = 3000*1.5%*4=1530
So total amount which I have to pay =5550
Am I correct?
And can I treat like I have deducted but not paid?
So I can pay only interest on late deposit ..
Ponam
As i remember that there is condition that the interest and penlaty shall not exceeds the amount of TDS so plz confrim before making payment....
No I think this provision is applicable only in case of late fee u/s 234 E ..and not in case of interest default ..
yah...this is for late return.filling.
Late deposit interest will not be applicable, dear. Only interest for not deducting will be calculated from date of payment/credit made to date of deposit.
U can be charged for late payment interest as you had not deducted.
U can not be charged for late payment interest as you had not deducted.
That means if there is late deduction of TDS then late deposit interest will not be charged...Therefore , only 1% will be charged for late deduction & not 1.5% for late deposit..
Seniors kindly correct if I have drawn wrong conclusion...
Thanks in advance...
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