Interest rate for TDS On Late Payment

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PREMAL (Querist)
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09 February 2011 Dear All

Please guide for the interest calculation with rate for late payment of TDS by 3 days ie due date is 7th and i had made a payment on 9th.

Regards
PREMAL PATEL

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 February 2011 Interest rate on late deposit of TDS is 1.5% per month w.e.f 01.07.10.

For details see below link. Same type of question has been answered in details.

https://www.caclubindia.com/experts/tds-577865.asp

CA Pramod Jain

CA Pramod Jain (Expert)
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09 February 2011 1.5% monthly for every delayed month, in your case one month interest needs to be paid

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 February 2011 In this case there can be two situations---

Payment was made on 9th--

Situation 1) TDS deducted after 9th of previous month --- Interest on late deposit 1.5%.

Situation 2) TDS deducted on or before 9th of previous month --- interest on late deposit 3% for two months.