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Interest on TDS

31 May 2019

I want to know about interest on TDS late deposit. Due date of tds deducted and deposit. Interest rate and how to calculate. All about late deposit of tds.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177928 Points)
Replied 01 June 2019

Due Date of TDS Payment
TDS is to be paid by 7th of the following month. For month of March the last date of deposit is 30th April.
Interest on Late payment
When TDS is not deducted – 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS is actually deducted.
When TDS is deducted but not paid – Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted to the date on which such TDS is actually paid.

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Sajid Khan (66 Points)
Replied 01 June 2019

If we have received an invoice dt 15 April and amount paid against that invoice after deduction of TDS on 20 april. Now the deducted TDS has not credit to government on or before 7th of next month. It is deposited on 30 may. Now how many month of interest deposit with TDS