TDS

This query is : Resolved

CA Chintan Parikh (Querist)
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15 July 2010 Dear Sir,

If i forgot to pay TDS For 31-3-2010 Entry than now i pay this TDS as on 7/08/10 than how much interest pay on TDS

Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 July 2010 Interest for 4 months should be levied if paid in July, 2010.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 July 2010 You will have to pay interest for 5 months.
For April, May & June @1% per month
For July & August @ 1.5% per month.

Total interest 6% if you pay TDS in August 2010

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 July 2010 I had replied taking into account some problem in date as no one would wait till the next month to pay TDS of March, 2010 and will pay in this month itself.

If to be paid in august then 5 months interest.

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CA Chintan Parikh

CA Chintan Parikh (Querist)
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19 July 2010 why july & aug Interest Rate 1.5%

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 July 2010 Rate of interest has been increased from 1% p.m. to 1.5% p.m. w.e.f. 01.07.2010.
Even if you are depositing TDS of earlier period if default is upto june rate 1% p.m. but after that 1.5% p.m.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 July 2010 The rates of interest has been revised by the Finance Act 2010 w. e. f. 01.07.2010 in case tax has been deducted and not deposited to 18% p. a. i. e. 1.5% p. m. as mentioned above.