Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2014 If some expenditure incurred in April,2012 is disallowed due to non deduction of tax in F.Y. 12-13, and tds is deducted & deposited in F.Y. 2013-14 and claimed expenditure in F.Y. 2013-14, what should be the period for which interest on late deposit of TDS to be deposited.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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07 January 2014 1% per month from the date on which it was deductible to the actual date of deduction

1.5% per month from the Date of deduction to the date of payment

suppose
Deductible Date is 1st April 2012

date on which you have deducted the TDS is 1st April 2013

& the payment date is also 1st april 2013

so 1% would be required for 12 months

& 1.5 % is not required since the date of deduction & payment is same.

Note : for delay in one day also Interest for one month would be charged

so if suppose actual date is 10th April 2013
then interest would be charged for 13 months