Late payment of tds on salary
This query is : Resolved
09 September 2017
Hello,
I have read many articles on internet for late payment of tds,but i didnt get my answer.
My query is for late payment of tds on salary.
if a company pay salary on 01-09-17 for the month of August 17 & TDS paid on 08-09-17 , so interest for late payment is calculate for 2 months (aug & spp)
or for only 1 month (sep)? because actually salary is paid on 01-09-17.
I have read many articles on internet for late payment of tds,but i didnt get my answer.
My query is for late payment of tds on salary.
if a company pay salary on 01-09-17 for the month of August 17 & TDS paid on 08-09-17 , so interest for late payment is calculate for 2 months (aug & spp)
or for only 1 month (sep)? because actually salary is paid on 01-09-17.
09 September 2017
Salary TDS is on payment basis so no interest payable for remittance on 8th September. TDS can be remitted up to 7th October.
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11 September 2017
Thank you so much for your quick reply sir,
Sir will you please give me reference of Income tax section for the same.
Sir will you please give me reference of Income tax section for the same.
11 September 2017
Section 192. See the link for more information.
8. Depositing of TDS deducted: The employer has deposit the TDS which was deducted from the Salaries. The due date for the same are, for the month of April to Feb of the Financial year the due date is 7th of the subsequent month in which the TDS was deducted.
https://taxguru.in/income-tax/tds-salaries-procedure-deduct-tds-compliances.html
8. Depositing of TDS deducted: The employer has deposit the TDS which was deducted from the Salaries. The due date for the same are, for the month of April to Feb of the Financial year the due date is 7th of the subsequent month in which the TDS was deducted.
https://taxguru.in/income-tax/tds-salaries-procedure-deduct-tds-compliances.html
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11 September 2017
Thank you so much Sir...
24 October 2017
Yes in this case no Interest is attracted as answered by CA RS.
03 November 2017
Dear Experts,
1). TDS CPC had raise a demand for Interest on late payment of tds.
If tds on salary is on payment basis then why TDS CPC has raise demand ?
If company pay Salary for the month of AUG-17, on 1st SPT-17 & Pay TDS on 8th SPT-17
Accounting entry for the same is done on 31st AUG-17.
Please Help....
1). TDS CPC had raise a demand for Interest on late payment of tds.
If tds on salary is on payment basis then why TDS CPC has raise demand ?
If company pay Salary for the month of AUG-17, on 1st SPT-17 & Pay TDS on 8th SPT-17
Accounting entry for the same is done on 31st AUG-17.
Please Help....
03 November 2017
No interest can be levied contest it.
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