Intt on tds

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KANAV SINGH (Querist)
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23 May 2014 Hi, want to know date of deduction is 31.3.14 & date of date of deposit is 8.5.14, intt will be calculated for 2 months or 3 months.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 May 2014 3 months..- 1. part of March, 2. whole of april and 3. part of May.

CMA Girish P

CMA Girish P (Expert)
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23 May 2014 You have to pay interest for two month.

->TDS has to be deposited 7th of following month.
->In case of year end deduction , TDS has to be submitted on 30th April.(TDS on salary 7th of April).

You are paid TDS on 8th May. so that you have to pay interest for 2 month.

Interest 1.5% per Month.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 May 2014 Girish,

please note that once payment is delayed, interest is counted from the initial day of deduction of taxes and not from the due date.

KANAV SINGH

KANAV SINGH (Querist)
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23 May 2014 thanks for valuable opinion.

CMA Girish P

CMA Girish P (Expert)
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23 May 2014 yes. you are right Nikhil.