What is rate of interest on tds for purchasing property
This query is : Resolved
17 October 2014
My boss purchases property in june 2013 but couldn't deposit TDS a sum of Rs:- 90000 thousand, which is 1% on the property value 9000000 lac. I want to know what is the rate of interet of TDS if I deposit TDS today ?
17 October 2014
Interest payable as under
(i) at one per cent. 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
(ii) at one and one-half per cent. 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
CA MANOJ GUPTA
JODHPUR
09828510543
(i) at one per cent. 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
(ii) at one and one-half per cent. 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
CA MANOJ GUPTA
JODHPUR
09828510543
17 October 2014
Manoj Ji, Property was purchased on 01June2013 but TDS is deposited on 17Oct2014. It means firstly I calculate 1% interest for 17 months till today. after date against I should calculate 1.5% interest for 17 months till today.
17 October 2014
when did you deduct the tax, on 1 June 2013 if not mistaken..
assuming that to be correct then interest at 1.5% pm is to be deducted from June 2013 to October 2014 ie 17 months.
assuming that to be correct then interest at 1.5% pm is to be deducted from June 2013 to October 2014 ie 17 months.
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?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
