Jibin Thomas (CA Final,B COM(H)) (109 Points)
17 September 2014Dear members ..
One of my client declare dividend of 850000 and paid CDT @ 15.45% WHICH COME AT Rs 1,31,325.But did't calculated the surcharge of 10% on the CDT AMOUNT & paid according to 15.45%.The correct calculation come at Rs 1,44,458 @ 16.995%.Dividend was declared on 19/08/2014 and cdt of Rs 1,31,325 paid within 14 days.What should be the next step and how much amount further need to be paid along with interest.Thanks.Please Reply ASAP
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 17 September 2014
As per Sec.115-P of IT Act interest is payable on the shortfall amount @ 1% for every month or part thereof for the period of delay, beginning on the date immediately after the last date on whcih such tax was payable and ending with the date on which the tax is actuallly paid.
You can therefore pay the difference amount with interest by separate challan and inform IT Department accordingly by letter attaching copies of challans.
Jibin Thomas
(CA Final,B COM(H))
(109 Points)
Replied 17 September 2014
Thank you sir for the quick reply.shall i calculate 1% interest on the of the difference of CDT?.
CAclubindia
