Tds query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 October 2013 I want to know that If i deducted TDS on 30/4/2013 & deposited it on 7/6/2013. What is the calculation of interest for this on monthly basis i.e. 1 month delay or ?
Please solve my query.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 October 2013 Interest to be paid @1.5% per month for 2 months. i.e., 3% of the TDS amount.

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CA Manish

CA Manish (Expert)
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22 October 2013 Interest will be @1.5 % for 3 months.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 October 2013 Manish Ji from 30.04.2013 to 07.06.2013 the period of delay is more than 1 but less than 2 months. So i think interest to be paid for 2 months @1.5% per month.

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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22 October 2013 1.5 percent for 2 months,
30/4/13 to 7/6/13 is 37 days then 2 months interest...

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CA Manish

CA Manish (Expert)
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22 October 2013 Mathematically you both are correct but TDSCPC sends notices wherein they calculate interest for calendar month default. In our case it will be three i.e. Apr , May and June.