Calculation of interest for delay in deposit of tds deducted
This query is : Resolved
30 March 2013
Mr.s deducted tds on 31-12-12 and deposited it on 13-01-13.
For how many months interest has to be paid.
For how many months interest has to be paid.
30 March 2013
Interest need to be paid for 1 month @ 1.5% of the TDS amount.
01 April 2013
My understanding of Sec:201(1A) ii,
Interest should be calculate at the rate of 1.5% per month or part thereof from the date of actual deduction.
I.e in our example Interest should be calculate for 2 months.
Is It...
Interest should be calculate at the rate of 1.5% per month or part thereof from the date of actual deduction.
I.e in our example Interest should be calculate for 2 months.
Is It...
01 April 2013
No. It is 1.5% p.m. or part in excess of 1 month. So since 1 month has not elapsed interest to be paid only for 1 month i.e., 1.5%.
22 May 2013
Yes I agree with the expert CS Sanjay and interest is to be paid for one month or part of one month even you have defaulted by 1 day even then you are liable for one month as part.
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