Tds interest

This query is : Resolved

madhu Reddy (Querist)
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01 August 2014 Dear sir,

I JUST CONFUSING TO CALCULATE INTEREST ON TDS FOR LATE DEPOSIT OF TDS

i need to Consider from due date of Deduction or actual date of Deduction @ 1.5 % P.M

Kailas Mate

Kailas Mate (Expert)
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01 August 2014 Interest on late deposit of TDS is applicable @ 1.5 % per month or part thereof. The period for delay is taken from date of deduction to date of deposit. So, in specific cases a delay of one day may lead to pay interest @ 3 % .

Suppose:

TDS deducted on 01.08.13.
In this case, due date will be 07.09.13.
If we deposit tax on 08.09.13, one day delay.
Interest will be applicable for 2 months – From 01.08.13 (date of deduction) to 08.09.13 (date of deposit) for two months @1.5 % p.m=3%

madhu Reddy

madhu Reddy (Querist)
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01 August 2014 Sir
Suppose

If we Paid Commssion on 05.04.2013 But On that we need to Deduct T.D.S ON 05.04.2014
but we have Deducted TDS ON 31.03.2014

and Deposited TDS TO GOVT ON 05.04.2014
for Late Deposit I need to calculate interest From 05.04.2013 or from 31.03.2014

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