Tds interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2012 Sir my TDS Payable for the m/o March,2012
was Rs. 85000/- i deposit the TDS in bank 06 June,2012 but interest due so tell me Interest amount with calculation.

Thanking you

CA Navin Jain

CA Navin Jain (Expert)
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09 June 2012 if tds deducted on 31.03.2012 then pay interest of 3 months and if deducted before 31.03.2012 the pay interest of 4 months

Rate of Interest is @1.5% per month.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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09 June 2012 Interest On Late Depoisted Of Tds is 1.5% per month or part of month
March Tds Should be deposited 30 April According to new amendment by department.
tds late depoisted period 1 may to 6 june =2month
Interest on tds = 85000*1.5%*2=Rs 2550

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C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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09 June 2012 according to new amendment tds depoisted date are changed.
new tds depoisted date are given below

April To Feb = 7 Day Of Next month
March = 30 April Of Next Year

CA Navin Jain

CA Navin Jain (Expert)
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09 June 2012 @ ANSUL, If tds is not deposited by due date the benefit of the due date is not given to assesee while calculating of interest. see sec 201