TDS deducted on 22.03.2012 & making payment on 30.06.2012.
For how many months the interest will be charged.
Subhasish Goenka (-----) (78 Points)
30 June 2012TDS deducted on 22.03.2012 & making payment on 30.06.2012.
For how many months the interest will be charged.
Maruthi
(Tds Returns Preparer)
(207 Points)
Replied 30 June 2012
Interest will be charged for 4 months, reason why, if deductor is failed to pay the tds within due date, the interest
should have to pay from the DATE OF TRANSACTION (EXPENDITURE).
So: Mar, Apr, May, June - 4 months @ 18% p.a.
Regards
Subhasish Goenka
(-----)
(78 Points)
Replied 30 June 2012
Thanks Sir Maruthi ... I too believe the same and agree with you.
However, a Professional at my Clients place said that (part of the month as mentioned in the Section) will be taken as full month of March and interest will be for three months (Apr, May & June)
May I have the pleasure to know about you and your professional attainments.
Maruthi
(Tds Returns Preparer)
(207 Points)
Replied 02 July 2012
Please refer the book " Income Tax Act " 2012. and go through as under
"l.805 CH. XVII - COLLECTTON AND RECOVERY - DEDUCTION AT SOURCE S.201"
(ii) . at one and one-harf 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 (22.03.2012 )to the date on which such tax is actually paid (30.06.2012).
hence, in your issue the interest should be paid for March,April,May and June (4 months).
Regards
Ritika Pundir
(CA)
(154 Points)
Replied 02 July 2012
Intt for 4months @ 1.5% per month as aforesaid.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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