Interest on tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2012
Dear Sir,
please suggest me tds of april will be deposited on or before 7th may,but we have not deposit on due date & now we are depositing on 5th of july than interset would be cahrgable 2 mont or 3 month.
please suggest me tds of april will be deposited on or before 7th may,but we have not deposit on due date & now we are depositing on 5th of july than interset would be cahrgable 2 mont or 3 month.
05 July 2012
INTEREST ON TDS IS 1.5% PER MONTH.
05 July 2012
TWO MONTH INTEREST
I ASSUME TDS HAS DEDUCTED ON OR AFTER 5 APRIL.
OTHERWISE THREE MONTH INTEREST.
I ASSUME TDS HAS DEDUCTED ON OR AFTER 5 APRIL.
OTHERWISE THREE MONTH INTEREST.
05 July 2012
it will be 3 month interest.
beacuse as per sec 201(1A)
interest will be:
at 1.5% for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.
so if you have dedected tax before 5th April then interest will be of 4 months. like if it is 3rd April then 3Apr-3May, 3 may-3 Jun , 3 Jun- 3 Jul and 3 jul to 5 Jul
But if you have deducted TDS after 5th April then it will be 3 month interest like if it is 6 April then
6Apr-6 May, 6May-6 June, 6 June to 5 Jul
as stated above interest rate will be 1.5%
beacuse as per sec 201(1A)
interest will be:
at 1.5% for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.
so if you have dedected tax before 5th April then interest will be of 4 months. like if it is 3rd April then 3Apr-3May, 3 may-3 Jun , 3 Jun- 3 Jul and 3 jul to 5 Jul
But if you have deducted TDS after 5th April then it will be 3 month interest like if it is 6 April then
6Apr-6 May, 6May-6 June, 6 June to 5 Jul
as stated above interest rate will be 1.5%
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
