Tds interest on late payment...
This query is : Resolved
03 August 2011
Dear all... please tell me ... what is the rate of interest for late payment of TDS. If i do not pay tds in time, is the interest will be applicable from date of deduction?... The recent rate of interest affected from which date..? please reply.... thank u one and all....
03 August 2011
Current rate is 1.5 % per month.
Spouse you have deducted tds on 25.06.11 and deposited on 01.08.2011 then u has to pay interest for three month.
Spouse you have deducted tds on 25.06.11 and deposited on 01.08.2011 then u has to pay interest for three month.
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03 August 2011
Section 201(1A) talks about interest on TDS. The section is amended w.e.f 01/07 2010. The prevailing rates are as follows:-
i) 1% for every month or part of a month from the date on which tax was deductible to the date on which tax is deducted.
ii) 1.5% for every month or part of a month on the amount of tax from the date on which such tax was deducted to the date on which tax is actually paid.
i) 1% for every month or part of a month from the date on which tax was deductible to the date on which tax is deducted.
ii) 1.5% for every month or part of a month on the amount of tax from the date on which such tax was deducted to the date on which tax is actually paid.
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