30 November 2014
We rae liable to deduct TDS on 24.09.2014 but we have deducted it on 17.10.2014. Now my question are-
1) whether we are liable to pay interest @ 1% p.m for 2 months only (as per TDS-CPC) ?
or 2) We also liable to pay int @ 1.5% for 2 Months (We have deposited TDS on 07.11.2014 ?
Furthe, in my opinion, since we have deposit the TDS on or before 7th Day of following month i.e on 07.11.2014, we are not liable to pay the Int @ 1.5% p.m .
30 November 2014
Yes you are correct. Interest on late deduction to be paid only. i.e., @ 1% for two month. No need to pay interest on late deposit since you have deposited within 7th of the month following the month of deduction.
CAclubindia
