WE MADE THE PAYMENT OT PARTY IN APRIL 2018 FOR RS.25500/- WITHOUT DEDUCTION OF TDS . AND SAME ALSO DONE IN MAY 2018 FOR RS.24500/- WITHOUT DEDUCTION OF TDS AND NOW BILL FOR RS.25000/- RECEIVED FOR JUNE-2018. TOTAL TDS IS APPLICABLE @10% ON 75000/- IS RS.7500/- BUT INTEREST CALCULATION IS CONFUSION. NOW I AM PAYING THE TDS FOR APRIL-2018 WITH LATE DEDUCTION & LATE PAYMENT OF TDS. AND MAY-2018 PAYING THE TDS NOW. MAY-2018 PAYMENT ON TIME.
MY QUERY IS FOR LATE DEDUCTION OF TDS & LATE PAYMENT OF TDS IN GOVERNMENT ACCOUNTS FOR THE MONTH OF APRIL-2018.
INTEREST FOR LATE DEDUCTION-- -- -1% ON TDS-- ---2 MOTHS I. E. MAY & JUNE-2018 INTEREST FOR LATE PAYMENT TDS -- 1.50%ON TDS --3 MOTHS I. E. APRIL- MAY & JUNE-2018
07 June 2018
You have to calculate interest on late payment @1.5% PM from deduction month to payment month, so you have to deduct TDS 1.5% PM for April, May, June total 3 months total liability to pay 4.5% .
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