Nikhil Ravindra Bellad (Accounts Assistance ) (22 Points)
07 July 2017
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 July 2017
Suraj Pandey
(16 Points)
Replied 08 July 2017
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 08 July 2017
Yes , calendar months has to be followed for calculating interest for late payment of TDS.
1.5% interest for the period of June to July i.e 2 months will be liable to be paid , even for the failure of just one day.
Sanni Wadhwani
(CA Final)
(70 Points)
Replied 08 July 2017
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 08 July 2017
Thanks Sanni .
But I didn't agree with your 1st argument 30th June still be counted as one whole month and interest will be for 2 months .
And here is the proof.
amit
(accountant)
(26 Points)
Replied 08 July 2017
Hi
What is the percentage of Tds deduction on Royalties ? and if we are paying the royalty to Goverment do we need to deduct it?
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 08 July 2017
As per section 194J TDS will be deducted @ 10 % on royalty payments if it exceeds rs 30,000.
However as per section 196 , No TDS shall be deducted from ANY SUM payable to GOVT (including state govt ).
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
