Int. on late payment of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2013 we have received notice from TRACES for int. on late payment of TDS. We have deducted TDS on 30/06/2013 & made payment of on 09/07/2013. They charged int. for 2 months. whether it is correct. & how. is their any circular .pls guide

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 November 2013 This is correct but unreasonable.
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Interest is calculated for the month or part of the month from the date of deduction.
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Due date comes into picture when the payment is made on or before it.
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