I want to know that If Bill Date is 25-12-2014 & TDS on that Bill is 2250/- & if we are paying it on 13-07-2015 then interest would be calculated for how many months ? & what will be the Interest Amt. ?
13 July 2015
When TDS is not deducted Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually deducted/collected.
When TDS is deducted but not paid Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid.
Interest will be calculated for 8 months. Now check both the case for the applicability of interest rate.
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