CA Abhishek Singh (practice) (2106 Points)
21 May 2012
Nirav
(Accountant)
(595 Points)
Replied 21 May 2012
Hello,
A.Y.2011-12 would have to be applied. Due date for payment of TDS is 30/04/2011 for 4th Quarter of A.Y.2011-12.
Interest rate is 1.5% per month. from 31/03/2011 to now (21/05/2012). i.e. total 15 months.
So. Interest amount=10000*1.5%*15= Rs.2250.00
PRITAM JAIN, CA , CS
(Practising CA CS)
(398 Points)
Replied 22 May 2012
1) Interest is 1% pm or part of the month for late deduction.
2) A.Y. 2013-14 in the year in which it is deducted.
3) There is no prior period item as there is no mistake in booking expenses.
4) If the expenes was already provided in the books in earlier F.Y. and it was disallowed for non deduction of tds then there will be deferred tax assets in that year and in f.y. 2012-13 there will be reversal of such Deff Tax Assets. But in this case it Interest on tds is 1.5% p.m. and A.Y. 11-12
CAclubindia
