Tds late deduction on 31st march. then due date.?
This query is : Resolved
27 May 2014
I Have deducted TDS on 31.03.14 for payment being made on 07.01.14 for Professionals (194J).
Then what will be the due date for payment of TDS along with late deduction interest for 3 months@1% p.m.
Kindly suggest due date in this case..
(A) 7th April, or
(B) 30th April.
Then what will be the due date for payment of TDS along with late deduction interest for 3 months@1% p.m.
Kindly suggest due date in this case..
(A) 7th April, or
(B) 30th April.
27 May 2014
Due date of deposit of TDS for the month of March is 30 April.
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27 May 2014
have to disagree with Deepti ji.
With regards to this case, the due date was 7 February 2014. The interest shall be payable 1% for late deduction for three months. If you haven't deposited the TDS with the govt yet, then interest at 1.5% pm for another 2 months (april and May) shall be payable.
Please refer section 201(1A) of the Act.
With regards to this case, the due date was 7 February 2014. The interest shall be payable 1% for late deduction for three months. If you haven't deposited the TDS with the govt yet, then interest at 1.5% pm for another 2 months (april and May) shall be payable.
Please refer section 201(1A) of the Act.
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27 May 2014
Thanks Deepti ji & Nikhil ji..
But we have get Demand Intimation on this and in the justification report for said shows due that is 7th April which i can't understand why it shows it for TDS deduction on 31st March.
Because due that for tax deduction on 31st March is 30th April..
Is there any specific clarification given by department for late deduction due dates.??
But we have get Demand Intimation on this and in the justification report for said shows due that is 7th April which i can't understand why it shows it for TDS deduction on 31st March.
Because due that for tax deduction on 31st March is 30th April..
Is there any specific clarification given by department for late deduction due dates.??
27 May 2014
Dear Nand,
the due date 30 April is for the tax that was deductible in march.
for you, the deduction should have happened in January.
the due date 30 April is for the tax that was deductible in march.
for you, the deduction should have happened in January.
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27 May 2014
ok
that's why demand raised for additional late payment interest on that TDS amount which paid beyond due date i.e. 7th april.
that's why demand raised for additional late payment interest on that TDS amount which paid beyond due date i.e. 7th april.
27 May 2014
as I told you before, because the due date was 7 february. you woould not have to pay further interest had you deposited the tax on 31 March itself. Now you need to pay interest at 1.5% pm from 31 march.
and I am sure that you have still not read the provisions of section 201.
and I am sure that you have still not read the provisions of section 201.
27 May 2014
Sir
i read sec 201 after your reminder..
but i deposit tax on 30th april.
that's why demand for late payment(for 2 months-March & April) arises as per sec 201(1A).
i read sec 201 after your reminder..
but i deposit tax on 30th april.
that's why demand for late payment(for 2 months-March & April) arises as per sec 201(1A).
27 May 2014
if you show In return as tds deduted in march -14 then no intt. demand will show in notice.
and tax deposit in april-14 then TRACE site show 2 month intt if tax deposit in may month .
and tax deposit in april-14 then TRACE site show 2 month intt if tax deposit in may month .
27 May 2014
because under income-tax act, the interest is charged on month or part of the month basis. 1 day for March will be counted as 1 month!!!
With regards to Rupesh's suggestion, while it is a way to save interest, it can cause problem if ever TDS survey is done..
With regards to Rupesh's suggestion, while it is a way to save interest, it can cause problem if ever TDS survey is done..
27 May 2014
finally i have to pay intt for 2 months on a/c of late payment made on 30th april for tds late deducted on 31st march.
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