Interest on late payment of tds
This query is : Open
24 October 2013
Sir
One of my Clients deduted Rs 5000 as TDS from Slaries on 31.12.2012 and remitted the same on 09.01.2013. Now a notice was received to remit Rs 150 being two months interest for the delay.Since the assesee in not clear how the delay of only two days will amounts to two months.Kindly give a reply in this regard
RGDS
One of my Clients deduted Rs 5000 as TDS from Slaries on 31.12.2012 and remitted the same on 09.01.2013. Now a notice was received to remit Rs 150 being two months interest for the delay.Since the assesee in not clear how the delay of only two days will amounts to two months.Kindly give a reply in this regard
RGDS
25 October 2013
I Tax Deptt. has correctly and perfectly raised additional demand of Rs. 150 as Interest.
Interest rate is 1.5% per month.
In your case TDS was payable on 31.12.2012 and the Deptt allows SEVEN days with the condition it is paid within next seven days. As the amount was paid on 9th Jan so the interest has been calculated for two (Dec and Jan)months at Rs. 150.
The psychological fact is that many of us keep on waiting till last day. In your case your client missed the last date of 7th Jan and for two day delay is now equal to Rs. 150.
contact@vkbajaj.co.in
Interest rate is 1.5% per month.
In your case TDS was payable on 31.12.2012 and the Deptt allows SEVEN days with the condition it is paid within next seven days. As the amount was paid on 9th Jan so the interest has been calculated for two (Dec and Jan)months at Rs. 150.
The psychological fact is that many of us keep on waiting till last day. In your case your client missed the last date of 7th Jan and for two day delay is now equal to Rs. 150.
contact@vkbajaj.co.in
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
