Hi,
Please clarify the Interest to be paid.
1. Rent paid date- 10th Jan 2013
2. Date of deduction – 20th Mar 2013
3. Date of payment – 20th March 2013
Please clarify on the number of months for the interest need to be calculated and at what rate.
2 Replies
Neljo Davis ACA
(Consultant)
(630 Points)
Replied 11 December 2013
As per 201(1A)(i) of IT Act, Pay simple interest 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;
3% interest (1% for 3 Months)
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 12 December 2013
Interest - 3% in your case
Tax Deductible Date to Tax Deducted Date - 1%
Tax Deducted Date to Tax paid Date - 1.5%
In your case both Tax Deducted Date and Paid date is same
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