Calculation of interest on late payment of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2013 Dear Sir,

Please advice how to calculate Late Payment Interest from Date of Deposit of Tax till Date of Processing(C) as per defaults received from tdscpc

Pradeep Agarwal

Pradeep Agarwal (Expert)
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08 May 2013 There is no interest leviable on tds b/w date of deposit of tax and date of processing. Interest is levied on late payment of TDS @ 1.5% per month from the date of deduction of TDS till the date of actual payment. For the purpose of calculating interest, delay of even 1day in a month should be taken as complete month