An assessee has paid the TDS deducted for March 2018 on 28.04.2018. Due to bank holidays the money got credited only on 02.05.2018.
Will they attract 201(1a). If yes, is there any solution to rectify and escape from the penalty. ?
2 Replies
Dineshchandan
(articled assistant)
(84 Points)
Replied 04 July 2018
Not clear what you mean by "got credited". If the amount is paid on 28.4.18 and bank statement is debited on 2.5.18, late remittance interest is not applicable. The same can be supported with bank challan dated 28.4.18. However, if there is no proof to suggest that the client has paid the same on 28.4.18, then interest will be applicable.
vishnuas
(Student CA IPC / IPCC)
(26 Points)
Replied 06 July 2018
Thanks for your reply. Credited I meant is received by the department. The assessee’s account got debited on 28.4.2018
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