Interest on late payment of 'interest on tds'

Page no : 2

Preet Aman Singh (SA) (20 Points)
Replied 08 June 2012

Has any one filed an appeal in respect to the stated matter???

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vivek tapadia (Partner) (85 Points)
Replied 31 October 2012

They Calculated interest on Interest @ 1.5% per month and part of month is considered as full month. Its same as deducted but not deposited.

Yogesh Kumar (Job) (180 Points)
Replied 31 October 2012

The new terminology introduced by the department i.e. Interest on late payment of interest is nothing but error generated by Department system. I also faced the same and what I analysed is there is no such term in Income Tax Act 1961. Moreover interest itself is a kind of penalty for non payment.

Since the Department people also not aware of this, so the only feasable solution I can see is we have to talk to the AO (TDS) to resolve otherwise you can also file appeal against the same.

CMA KAMAL SAINI (M.Com) (31 Points)
Replied 04 May 2018

Dear All

i have paid advance to Contractor party and deduct TDS of Rs 5.3 Cr. (Section 194C @ 2%) and also Make a provision on party work done and pass the entry of TDS Deduction (Section 194C @ 2%) Rs 1.43 Cr. on 31-3-18.

But i have paid to govt 5.3 Cr. (Section 194C @ 2%) on 30-04-2018

Now i want to know what is the interest on my end in amount from which section.

Please also provide calculation.