Muhammed (Chartered Accountant) (251 Points)
10 February 2015I have made a payment which falls under section 194 J
1st payment on 1st february 2015 :- 25000
2nd payment on 3rd february 2015 :- 4000
3rd payment on 5th February 2015:- 2500
during the 3rd payment i was supposed to deduct tax and i had not made the same, i take up the liability to pay tax and said the party to adjust against next bill is there any interest for the same for non-deduction of TDS as per the provisions of the act,
assume that i had paid the TDS before 7 th of march **
monika ahuja
(Student CA Final )
(85 Points)
Replied 10 February 2015
Interest for late deduction 1% i.e 31500*10%*1%=315
monika ahuja
(Student CA Final )
(85 Points)
Replied 10 February 2015
Interest for late deduction 1% i.e 31500*10%*1%=315
Muhammed
(Chartered Accountant)
(251 Points)
Replied 10 February 2015
but what would be the date from which i have to calculate the interest, why for the full amount i have suppose to pay tax??
monika ahuja
(Student CA Final )
(85 Points)
Replied 10 February 2015
Interest for late deduction 1% i.e 31500*10%*1%=315
monika ahuja
(Student CA Final )
(85 Points)
Replied 10 February 2015
When you deducted TDS.If you have paid on 7th march then you have suppose to deduct tds latest by 28th feb.But if you have deducted on 6th March and paid on 7th march then 2 months interest.
Sriram
(CMA Final)
(178 Points)
Replied 10 February 2015
Deduct TDS in Feb i.e. by 28th Feb or pass an payable entry in Feb and remit from your pocket before 7th March then you need not pay Interest.
Lateron u can adjust the TDS amount in next bill
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 10 February 2015
CAclubindia
