What rate applicable for interest on tds.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2015 when Tds deducted on advance payment but not deposit TDS then interest rate appl is 1.5 % Per month.
other than when we deduct TDS on Credit or provision but not Deposit TDS then interest rate on TDS applicable is 1% per month .
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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 February 2015 Whenever TDS is deducted but not deposited interest on late deposit to be paid @ 1.5% per month. When TDS is short deducted or not deducted then at the time of deduction and payment of such TDS interest to be paid @ 1% per month.

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2015 but sanjay sir
i just want to know that 1.5% interest charged on making payment when after deduct TDS not deposit.

1% on credit Ie on journal entry if i have deducted TDS on Journal entry but not paid to party,

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 February 2015 Yes even if entry is passed but not paid interest on Late deposit needs to be paid @1.5% per month.