Alpa (Accountant) (26 Points)
22 May 2013Dear Members,
I have deducted TDS on Salary for the Month of April 2013 on 30th April, 2013.
I failed to pay the TDS in time on 07th May, 2013.
I will be paying the deducted TDS tommorow on 23rd May, 2013 with Interest @ 1.5%.
I request you to kindly clarify for how much month Interest I would have to pay for 1 Month or 2 Month.
I will be grateful for your reply. Also If the relevant Section or Rule could be given.
Thanks in Advance.
Regards,
Alpa Gala
veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 22 May 2013
Deena.Vanan
(Grad. CWA, ACA, CS(F))
(120 Points)
Replied 22 May 2013
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 22 May 2013
| Originally posted by : veeru sagar | ||
 |
These are the thee case which will solve the your prolbem Suppose TDS was required to be deducted on 10.10.2012 and was to be paid on 7.11.2012; now Case 1: Assessee deduct the TDS on 10.10.2012 but pays TDS on 31.12.2012. Now the interest u/s 201(1A) shall be charged from 10.10.2012 to 31.12.2012 @ 1.5% per month i.e. for 3 Months. Case 2: Assessee failed to deduct TDS on 10.10.2013 and deducts TDS on 31.12.3012 and pays TDS on 17.1.2013, now Interest u/s 201(1A) shall be charged for 3 months @ 1% per month for the period 10.10.2012 to 31.12.2012. Interest u/s 201(1A) shall be charged @ 1.5% per month for one month from 31.12.2012 to 17.1.2013. Case 3: Assessee neither deduct TDS nor pays TDS. In this case assessee shall be deemed to be as assessee in default u/s 201(1) for the amount of TDS not deducted, now the penalty for being assessee in default is upto an amount of TDS not deducted; and interest for assessee in default shall be levied @ 1% per month upto the date of order under section 201(1). You will have to pay the interest of 2 month becoz interest is paid fo the month and part of the month |
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Alpa
(Accountant)
(26 Points)
Replied 22 May 2013
Thank you for the replies.
Sir what i understand is that even if their is a delay of one(1) day in payment of TDS we are levied with two months interest .
i.e. If we are unable to pay TDS on 7th of a month (Which is Deducted on last day of previous month), & we are Depositing it on 8th (one day late) , we have to pay two months interest.
Kindly correct me if i am wrong.
Alpa Gala
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 22 May 2013
| Originally posted by : Alpa | ||
|
|
Thank you for the replies. Sir what i understand is that even if their is a delay of one(1) day in payment of TDS we are levied with two months interest . i.e. If we are unable to pay TDS on 7th of a month (Which is Deducted on last day of previous month), & we are Depositing it on 8th (one day late) , we have to pay two months interest. Kindly correct me if i am wrong. Alpa Gala |
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uday singh Negi
(Accountant)
(482 Points)
Replied 22 May 2013
it is for 2 month , because due date is 7 may ,and you paid on 8th , tds not calculated on day to day basis
please refer the link
Deena.Vanan
(Grad. CWA, ACA, CS(F))
(120 Points)
Replied 22 May 2013
mohd Rashid
(accountant)
(27 Points)
Replied 05 October 2013
sir
i deduct tds on 07.9.13, but i fail to submit. and submitting on 05.10.13. interest is being charges 1.5% per month but for how many month interest will be charged, Is it for 1 or 2. please tell me
uday singh Negi
(Accountant)
(482 Points)
Replied 05 October 2013
dear rashid,
you deducted tds on 7.9.2013 ok ?
so for the month of september due date is 7.10.2013
so thier is no tds on late payment as you said that you paid on 5.10.2013
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