Interest on tds
This query is : Resolved
28 March 2013
sir please tell is there any provision regarding interest on interest of tds..
e.g. tds payable = Rs 10,000
Interest payable= Rs 3,000
BUT assessee paid Rs 12,000
now income tax department demanding Rs 1600 (including interest on interest )
thanks in advance!!!
e.g. tds payable = Rs 10,000
Interest payable= Rs 3,000
BUT assessee paid Rs 12,000
now income tax department demanding Rs 1600 (including interest on interest )
thanks in advance!!!
28 March 2013
Normally if you pay less than the amount due they first recover the interest then tax.
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28 March 2013
BUT IT WAS CLEARLY SHOWN IN 24-Q THAT RS 10,000 WAS TAX DEDUCTED AND DEPOSITED
RS 2,000 WAS INTEREST ON LATE PAYMENT
actually assessee calculated interest @ 1% instead of 1.5%
RS 2,000 WAS INTEREST ON LATE PAYMENT
actually assessee calculated interest @ 1% instead of 1.5%
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