Tds late payment interest rate for march-2018

M.Shanmugasundaram (Accounts) (234 Points)

08 May 2018

Sir,

We deduct TDS Amount Rs.46752/- on 30.03.2018. And Paid on 05.05.2018.

1) What is the current TDS Interest Rate ?

2) How many months want to pay TDS Interest ?

My Workings as 46752 x 1.5% x 2 Months = Total Interest Rs.1402/-

It is correct ..?

Thanks & Regards,

M.Shanmugasundaram

Reply
Follow
Share

4 Replies

CA Mayur Todmal (Practicing CA) (7756 Points)
Replied 08 May 2018

interest is payable from the date of deduction to till the date of payment @ 1.5% per month of part of the month.
46752*1.5%*3 months

M.Shanmugasundaram (Accounts) (234 Points)
Replied 08 May 2018

Dear Sir,

Thanks for your reply. Do you have any department notification for the above interest workings ?

Please share me.

Thanks & Regards,

M.Shanmugasundaram

Mahesh Bingi (Tax return preparer) (462 Points)
Replied 08 May 2018

Mr. Shanmugasundaram..

Please read sectiion 201(1A) of Income Tax Act

Thanks,

Mahesh

M.Shanmugasundaram (Accounts) (234 Points)
Replied 09 May 2018

Thank You Sir

Start a New Discussion