Interest on tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 If there is a delay of 287 days in payment of TDS then what will be the amount of interest to be paid?
Assuming the amount to be paid is Rs. 1000 what will be the interest be on the said delay?

CA Parul Saxena

CA Parul Saxena (Expert)
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26 February 2014 Interest would be charged @1.5% per month for 10 months i.e..
1000*1.5/100*10=150

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 It is 1.5% per month or part of a month, then why take it as whole month?

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CA Parul Saxena

CA Parul Saxena (Expert)
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26 February 2014 The person who had make this provision only could answer this question.The provision is part of the month is to be considered as a month itself.

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 Okk..So take part of a month as full month....thank u!