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Interest percentage

This query is : Resolved 

06 August 2013 TDS:

For Professional charges Date of deduction was 31/03/2013 and date of payment is august.

how many months taken for interest calculation.

Whether march month to be taken?

But as per IT act 201(1A)
at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid

06 August 2013 For 31st March entry TDS in books is done either before or on 31st March so your tax is due to be deposited in the month of April but you have failed to deposit the same till August therefore from April to August you have to pay interest both months inclusive

06 August 2013 march month cannot be considered ah.

1 day - part of a month..?

Interest for 5 or 6 months...


06 August 2013 March has to be considered. To pay interest for six months.



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