02 October 2015
Interest for Short deduction of TDS @% per calendar month. Interest to be paid from the month of liability for deduction till the month of actual deduction.
Interest for late deposit of TDS @% per calendar month.
Interest to be paid from the month of deduction till the month of payment if TDS is not deposited within due date.
Say TDS deducted on 30.09.15.
If paid on or before 07.10.15 no interest on late deposit but if paid on 08.10.15 then interest to be paid for two months i.e., 3% of TDS amount.
CAclubindia
