Tds late interest provision

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2013 For March '2013 TDS Liability (which can not be paid till 30th april 2013) now I want to deposited the TDS Amount on 2 may 2013 THEN FOR HOW MANY MONTHS INTT. @1.5% WIIL BE ATTRACTED?

RAJESH KUMAR KHANDELWAL

RAJESH KUMAR KHANDELWAL (Expert)
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01 May 2013 Two Months.
If TDS deducted in the M/o March, then due date of deposit shall be 30th April. If it is not deposit till 30th April, then there will be two months interest. for April & May

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2013 SIR PLS ALSO TELL ME IN WHICH MANNER MONTHS CALCULATION SHALL BE DONE?

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 May 2013 Interest to be paid for three months. Rule says month or part in excess of month. So here interest to be paid for March, April and May. But if TDS was deducted on or after 3rd march and deposited within 2nd May then interest need to be paid for 2 months only.

For a better understanding check out below links---

https://www.caclubindia.com/articles/a-day-s-delay-in-tds-remittance-interest-upto-3--6580.asp#.UYEEj7VjWbY

https://www.caclubindia.com/experts/tds-577865.asp#.UYEFKbVjWbY

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Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2013 ok thanks