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TDS - Interest calculation for Late Payment

Jatin (Accountant) (3479 Points)

20 January 2019

How to calculate interest on late payment of TDS

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PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 20 January 2019

As per section 201(1A) ..Following intetest is charged on late payment of tds

1.. at one per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
(ii) at one and one-half per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.”

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Jatin (Accountant) (3479 Points)
Replied 20 January 2019

what happen if tax deducted on last day of the month but late deposit in government a/c in case how many months interest to calculate

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 20 January 2019

Full interest of defaulting months will be charged at 1 or 1.5 percent

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