TDS for June 2020

This query is : Open

PURUSOTTAM PANDA (Querist)
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24 July 2020 Respected Sir,
An amount of INR 46,250.00 has been paid as Rent u/s 194I(b) after deducting INR 3,750.00 (INR 50,000.00*7.5%) on 30.06.2020. But, the TDS amount has been deposited on 24.07.2020 along with interest amount of INR 56.00 (INR 3,750.00*1.5%).
Are the calculations made correct?

CA Ankith Jain

CA Ankith Jain (Expert)
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24 July 2020 The intetest is 1.5% from the date of deduction to actual payment, so as you have deducted tds on 30th june, so 1.5% of june and 1.5% of july would come, so it is 3% interest. Injustice provision for the deductor.