Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2014 If date of payment of interest is 30th april 2013 & TDS is deducted on 6th July 2013 then interest will be paid for 3 months or for 4 months.

motichand gupta

motichand gupta (Expert)
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15 January 2014 The due date for making payment is 7th of next month under Chapter XVIIB.
If TDS is deducted late ie beyond 7th then Sec 201 get attrected and under Sec 201(1A)(i)at 1% interest is levied for a month or part of a month.
Therefore on Interest paid on 30th April 2013, the due date was 7th May 2013 and if he failed on this then default will be May 2013, June 2013 and July 2013. Therefore interest will be for 3 months at 1% interest. (assumed that TDS deducted on 6th July 2013 and deposited on 7th of July or before 31st July 2013)