01 January 2011
Say in case if Amount on which TDS is deductible is paid (earlier of crediting) on 25th of May, the due date of payment of which is falling on 7th June and if TDS is actually credited to Government on 5th october,then 1. Whether interest payment on late payment of TDS starts from 25th May or 7th June? 2. Whether interest payment of 1% per month or part of the month is for 5 months (month counting done in terms of 25th May to 25th June & so on) which is logical (or) 6 months (month counting done in terms of May, June... October) which is followed in Notices sent by ITO in some cases?
Thanks in advance.
Happy New Year.. Have a wonderful & challenging year ahead..
CAclubindia
