15 February 2016
if i receive the courier bill amounting to rs.50000 on 25/02/2016. and i have made the payment on 15/03/2016 and i deduct the tds on 15/03/2016 and deposit the same in bank. am i laible to pay interest on late deduction of tds and it is 1% per month,how it is calculated is it completion of a month or even a single day??????
15 February 2016
The courier bill received on 25th February 2016 as per query and it is settled on 15th March 2016. The TDS is payable on the 7th of the subsequent month. Hence there is a delay of 8 days. Interest is payable for the months of February and March @ 1% per month.
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