16 June 2015
Sir at the time of rent payment of may month of Rs 80000 i have not deducted tds on that amount in may month but i have deducted tds on that amount in the month of 15 june then plz tell me how much interest will have to pay?
16 June 2015
From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m. For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m -
So Interest will be (80000 x 1%)x2= Rs.1600/-
As for the purpose of this section 1% is for the month or part thereof.
CAclubindia
