01 May 2015
i deduct TDS on interest (u/s 194A) Rs. 7000/- as on date 31/03/2015
but i not deposit TDS till date
if i am deposit challan today or tomorrow
how can interest calculation
how much dealy month
01 May 2015
you shall be required to deposit the TDS including interest @ 1.5% per month or part thereof. The calculation of interest shall start from date of deduction of TDS till date of deposit of TDS. (refer to Section 201(1A)(ii) of Income Tax Act)
01 May 2015
it shall be interest @ 1.5% for 2 months if you pay tds upto 30th may. Because delay in tds shall be counted from date of deduction i.e. 31st march in your case.
01 May 2015
in my opinion, months shall be counted from date of deduction to date of deposit. If you pay the tax on 01-05-2015, delay in deposit of tax is one month and one day. So one month is complete one month and one day being part of month shall be counted as one month. in this way total interest payable should be for two months and not for three months.
01 May 2015
Your opinion is not as per the provisions on income tax Act. The delay calculation as per the provisions of the Act is: 31-03-2015 1 month delay. April 2015 1 month delay. May 2015 1 month delay.
CAclubindia
