Peeyush Kumar Ramuka (Senior Transaction Tax at EY) (42 Points)
13 December 2011
CAN SUM1 HELP ME WID DIS QUES OF INCOME TAX??TDS is deducted on 10 th april
<<nd therefore d due date for deposit is 7th may>> now d ques is hw mch intt will b charged if TDS is deposited on
CASE A: 8TH MAY
CASEB:10TH MAY
CASE C:11TH MAY
Peeyush Kumar Ramuka
(Senior Transaction Tax at EY)
(42 Points)
Replied 13 December 2011
HINT:Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—
(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,
and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.]
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