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Tds - late deduction or non payment
total interest to pay is Rs 900, 1% per month for part/month
i.)at 1% for every month or part of the 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; and
(ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.
In your case, tds should be deducted on the date of payment or date of credit in books whichever is earlier i.e. 15.5.2015 and you have deducted it on 15.12.2015. Hence, interest @ 1% per month (simple interest) shall be paid for 9 months.(₹900)
Interest on late deposit shall not be levied as the same is deposited within the time limits prescribed under the act.
As per section 201(1A) you are liable to pay interest as follows: i.)at 1% for every month or part of the 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; and (ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. In your case, tds should be deducted on the date of payment or date of credit in books whichever is earlier i.e. 15.5.2015 and you have deducted it on 15.12.2015. Hence, interest @ 1% per month (simple interest) shall be paid for 9 months.(₹900) Interest on late deposit shall not be levied as the same is deposited within the time limits prescribed under the act.
Read more at: /forum/tds-late-deduction-or-non-payment-372998.asp
As per section 201(1A) you are liable to pay interest as follows: i.)at 1% for every month or part of the 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; and (ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. In your case, tds should be deducted on the date of payment or date of credit in books whichever is earlier i.e. 15.5.2015 and you have deducted it on 15.12.2015. Hence, interest @ 1% per month (simple interest) shall be paid for 9 months.(₹900) Interest on late deposit shall not be levied as the same is deposited within the time limits prescribed under the act.
Read more at: /forum/tds-late-deduction-or-non-payment-372998.asp
As per section 201(1A) you are liable to pay interest as follows: i.)at 1% for every month or part of the 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; and (ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. In your case, tds should be deducted on the date of payment or date of credit in books whichever is earlier i.e. 15.5.2015 and you have deducted it on 15.12.2015. Hence, interest @ 1% per month (simple interest) shall be paid for 9 months.(₹900) Interest on late deposit shall not be levied as the same is deposited within the time limits prescribed under the act.
Read more at: /forum/tds-late-deduction-or-non-payment-372998.asp
As per section 201(1A) you are liable to pay interest as follows: i.)at 1% for every month or part of the 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; and (ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. In your case, tds should be deducted on the date of payment or date of credit in books whichever is earlier i.e. 15.5.2015 and you have deducted it on 15.12.2015. Hence, interest @ 1% per month (simple interest) shall be paid for 9 months.(₹900) Interest on late deposit shall not be levied as the same is deposited within the time limits prescribed under the act.
Read more at: /forum/tds-late-deduction-or-non-payment-372998.asp
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