Interest on tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2014 if tds deducted on 30/11/2012 and deposited on 08/12/2012, then interest for one month or two months? because the period from 30/11/2012 to 08/12/2012 is less than a month

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 January 2014 It will be 1 month interest 1.50%

Message likes : 1 times

@VaibhavJ

@VaibhavJ (Expert)
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09 January 2014 Agree with expert, But from 1.7.2010 there is change in Rule.

Pl refer: http://blog.tdsman.com/2013/08/interest-on-late-deposit-of-tds-3-for-delay-of-one-day/

&

http://www.simpletaxindia.net/2010/04/late-deposit-tds-pay-interest-15-pm.html

Thanks

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Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2014 But sir in the above case we have received a notice from the department demanding interest for two months

@VaibhavJ

@VaibhavJ (Expert)
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10 January 2014 Hi

from 1.7.10 Int. to be paid @ 1.5% per month or part there of.

Pl read : http://blog.tdsman.com/2013/08/interest-on-late-deposit-of-tds-3-for-delay-of-one-day/

Thanks