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Tds late payment

Nikhil Ravindra Bellad (Accounts Assistance ) (22 Points)

07 July 2017

Dear Seniors, My doubts is... 1) Is we have to pay the interest on TDS if its one day delay payment (next day morning of due date)? 2) I tried for the TDS payment through SBI online by 7.7.17 evening, which transaction was unsuccessful...? what is the solution for this.

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9 Replies

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 07 July 2017

1. You can calculate Interest 8days.
2. In case any Internet problems or this week last working day for Banking sector

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Suraj Pandey (16 Points)
Replied 08 July 2017

1) As per sec. 201, u have to pay interest @ 1.5% for 2 months because of 1 day delay in payment of TDs deducted but not deposited into the credit of Central Govt. account.

2 Like

Ankit Taprania (CA FINAL ) (542 Points)
Replied 08 July 2017

Yes , calendar months has to be followed for calculating interest for late payment of TDS.

1.5% interest for the period of June to July i.e 2 months will be liable to be paid , even for the failure of just one day.

Sanni Wadhwani (CA Final) (70 Points)
Replied 08 July 2017

Agreed with Ankit Taprania. But i will made an addition to this.
1. If the liability to deduct TDS is on 30 th June then U have to calculate interest on that amount for 1 month only.
2. The interest would be calculated on made an amount to lower hundred.

Correction is possible.