05 January 2015
WHEN TDS IS DEDUCTIBLE IN APRIL 14 BUT ACTUALLY IT IS DEDUCTED IN JANUARY 15 THEN 1% INTEREST IS PAYABLE BUT IS 1.5% INTEREST PAYABLE OR NOT. TDS DEDUCTED IN JANUARY IS DULY PAID IN JANUARY. IN SEC 201(A) INTEREST IS PAYABLE FROM DATE OF DEDUCTION TO DATE OF DEPOSIT AND HERE DATE OF DEDUCTION BECOMES JANUARY AND NOT APRIL.
06 January 2015
As per section 201(1A) 1% interest will be charged if deductor fails to deduct TDS within it due date and continue till the date of actual deduction.
1.5% interest will be charged if deductor after deducting TDS fails to deposit it to Central Govt. within in its due date.
In your case you need to pay interest for 13 months i.e 13%
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