Tds for the m/o march-2017

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2017 Dear

I have deposited tds for the m/o March-2017 on 02-05-2017 through cheque reason being 29-04-2017 was holiday in Karnataka, 30-04-20179 (Sunday) and 01-05-2017 (May Day) was again holiday all the banks were closed and i don't have online banking facility to make online payment i am a company assessee do i have to pay interest or i shall apply to ITO to waive off the interest

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

05 May 2017 Above reason is that valid, March month TDS payment should realise by 30th April, it's your internal adjustment to see that payment should realise within due date.So you are liable 3 months interest @1.5% PM.

Expert : Anonymous

Expert : Anonymous (Expert)

05 May 2017 As the due date falls on Sunday then next working day should be considered in this case may 1 was being an national holiday hence forth I don think you need to pay any interest as from your statement i could see you have made the payment via check on 2nd may..

Upgrade to CAclubindia Pro. Subscribe Now!

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

06 May 2017 If you not pay interest than to that extent default arise.

Expert : Anonymous

Expert : Anonymous (Expert)

06 May 2017 Agree but when the due date falls on a Sunday being a public holiday the next working day should be considered as due date coming back to interest part when it is non compliant then interest would attract but in this case the payment was done on 2nd may ie..Next working day then could you explain how does interest has a role to play in this..?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

06 May 2017 Whatever you have mentioned not applicable for TDS, it is good for only VAT but Central Excise, Service Tax Applicable And TDS payment should realise within due date. If 30 or 1 St is Holiday you have to deposit earlier to see that it should realise before due date or pay tax online.

Expert : Anonymous

Expert : Anonymous (Expert)

06 May 2017 CBDT has clarified in its Circular No 676 of January 14, 1994, that if the last date for payment is a holiday, Section 10 of the General Clauses Act, 1897 will be applicable and, accordingly, the assessee can make the payment on the next immediately following working day. In this case we can very well make use of the section 10 of general clause act and do the same for TDS as we do not have any specific notice for TDS and as far as Service tax , Excise it should done accordingly what you said correct me if I am wrong..?