Tds interest rate for late deposite of tds

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Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2015 Dear sir,

please suggest me the rate of tds interest when tds has been deducted but payment of such tds has been delayed wheter 1.5% or 18% per month

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 August 2015 The rate is 1.5% per calendar month.

For example TDS deducted on 31.07.2015 and payment made on 01.09.2015. In this case Interest to be paid for 3 months i.e., 4.5% of the TDS amount.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2015 Sir then what is the due date of tds is'nt its next months of 7th day

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 August 2015 Yes due date is 7th of next month and for march due date is 30th April. If TDS deposited within due date no interest is payable.