Interest on tds
Querist : Anonymous
Querist : Anonymous
It is to be calculated for the delay from due date of deposit i.e. within 7 days from the end of the month in which tax is deducted.
So if u deposit the tax after the due date i.e.7th dec, interest shall be applicable.
When did you make the payment to the party? 23 Sept or today?
Querist : Anonymous
1. even if you make payment on 30 of a month and deposit TDS on 8th of the next month, interest applied is for 2 months. Going by that logic, interest @ 1% is to be levied for three months.
2. Thereafter interest at 1.5% shall be applicable.
I would suggest that either you pay the TDS today itself. or show deduction on 7th December only. this way 1.5% doesn't get invoked. In such a scenario, if TDS is deducted and paid on 7th, your interest liability shall be 1% each for 4 months.
In case you deduct today, it would 4.5%.
Other experts may pitch in.
Querist : Anonymous
1% from 23.09.13 to 22.11.13-2 months=2%
1.5% from 22.11.13 to 7th dec.-1 month-1.5%
Total interest=3.5%
Querist : Anonymous
23 Sept - 30 Sept - one month
1 October - 31 Oct - one month
1 Nov - 22 Nov - One month
Thus three months
because whenever we receive short deduction notices, they reflect this sort of calculation only.
Querist : Anonymous
Querist : Anonymous
Please refer to this http://www.simpletaxindia.net/2013/04/non-deduction-late-deposit-of-tds.html
this should help you in computing interest payable.
Click here to login now
Similar Resolved Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- 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
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
