Interest on tds

TDS 1409 views 14 replies

 

Dear Expert...
 
 If TDS deducted on 31/03/2012 and paid on 07/06/2012 then interest paid for Two or three months......?? 
Replies (14)

 interest for 2 months

(1A) 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 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 at eighteen per cent per annum on the amount of such tax from the date on which such tax was deductible to the date on which such tax is actually paid.

SO THAT ON ABOVE BASIS INTEREST WILL BW CHARGED FOR 3 MONTHS

I agree.

Deposit of TDS:
As common rule tax is to be deposited with 7th of the immediate next month after deduction .However March tax is to be deposited by 30th April of the next financial year.For March ,2011 tds ,due date is 30.04.2011 and March 2012 due date is 30.04.2012.  
 
Interest for 3 months.

Interest has to be paid for three months. Interest is calculated from date of deduction to date of remittance and for this purpose part of a month is also considered as full month. Therefore interest has to be paid for three months irrespective of the due date.

Actually as per the section it should be three months but as per NSDL calculation it would be two months....!!!!!

Interest should be paid for three months @ 1.5% p.m.

Interest should be paid for three months @ 1.5% p.m for 3 months

 

For 3 months

Int should be paid for 3 months..

Agree with Pravin Singh

Hello experts,

I have issue of TDS deducted by my company, but the client unable to take the payment cause of lack of TDS-certificate received . Kinly let me know how to get that paid tax back ?

Is there any renew of cerficate is possible for tds.

ie. Can we renew the tds-certificate of 11-12 year to 12-13 year? that the same payment can recieved by client ?

 

Can anyone of you please provide any case law related to manufacturer making payment to dealers as incentive without deducting TDS?

 

 

Interest should be paid for 3months @ 18%p.a.

 

 

 

All experts,

wonderful job done by u, its really helpful to all ...

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Best Regards,


CCI Pro

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