DEAR ALL PLEASE GUIDE ME THE INTEREST RATE IF I HAVE NOT DEDUCTED THE TDS ON THE PREVIOUS MONTHS PAYMENT LIKE JUNE AND AUGUST , 2012 AMT IS 28000 AND 60000/-
1 Replies
Pulkesh Mehta
(Chartered Accountant)
(243 Points)
Replied 07 December 2012
If TDS has not been deducted & paid
- Interest rate is 1% per month
- Period = Due date of deduction to Date of deduction
- Part of the month = complete month
If TDS has been deducted but not paid
- Interest rate is 1.5% per month
- Period = Date of deduction to Date of payment
- Part of the month = complete month
- TDS deducted but not paid is intentional default therefore high interest rate and period also start from due date of deduction.
In your case first condition is applicable
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