means of it.
This query is : Resolved
Guest
Guest
(Querist)
15 November 2010
Yes.
Say you deducted TDS on 7th oct. Due date is 7th Nov. If you pay on 8th Nov interest will be 3% as from date of deduction to date of payment it is more than 1 month. If the same RDS was deducted on say 9th of Oct interest will be 1.5% as on date of payment (i.e. 8th Nov) it is 1 month. bcoz sir late pmt . of tds int. will be 1.50% than what is the means of it
Say you deducted TDS on 7th oct. Due date is 7th Nov. If you pay on 8th Nov interest will be 3% as from date of deduction to date of payment it is more than 1 month. If the same RDS was deducted on say 9th of Oct interest will be 1.5% as on date of payment (i.e. 8th Nov) it is 1 month. bcoz sir late pmt . of tds int. will be 1.50% than what is the means of it
15 November 2010
Rate of Interest is 1.5% p.m.
If i month then 1.5%. If more than 1 month even by a day for that single day further interest of 1.5% will be payable.
If i month then 1.5%. If more than 1 month even by a day for that single day further interest of 1.5% will be payable.
15 November 2010
Interest payable for the entire month even for a days delay and interest to be calculated based on monthly basis as mentioned in the query.
15 November 2010
If the data is as follows, my observation will be little different.
Due date of deduction -- 7th October.
Date of tax deduction -- 9th October
Tds remittance date -- 8th November.
Interest I% for 2days delay in deduction.
Interest 1.5% for 1 day's delay in remittance.
Due date of deduction -- 7th October.
Date of tax deduction -- 9th October
Tds remittance date -- 8th November.
Interest I% for 2days delay in deduction.
Interest 1.5% for 1 day's delay in remittance.
15 November 2010
ROI : at 1% for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
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,
Suppose tax was deducted on 5th August 2010. Therefore the due date for remittance of such TDS is 7th September 2010. Now if the assessee fails to pay the remittance on 7th and pays on 8th of September, he will be paying 3% interest thereon. As the condition said interest is charged from the day TDS was collected and any fraction for month will be taken as a full month. So, 1.5 + 1.5 =3% interest!!
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,
Suppose tax was deducted on 5th August 2010. Therefore the due date for remittance of such TDS is 7th September 2010. Now if the assessee fails to pay the remittance on 7th and pays on 8th of September, he will be paying 3% interest thereon. As the condition said interest is charged from the day TDS was collected and any fraction for month will be taken as a full month. So, 1.5 + 1.5 =3% interest!!
15 November 2010
I stand corrected to the extent of Ms. Gandhi's observation.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- 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
- Import license renewal
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- 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
Trending Online Classes
CAclubindia
