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Tds deposit due date

Others 2721 views 7 replies
Is there any interest payble if i have deposite the tds upto 7th jun, deducted in the months of April2012 from payment of Sub-contractor?
Replies (7)

yes, interest will be der if u dint deposit the tds for the month of april by 7th of may. if u wnt 3 deposit on7th of june interest will be chargeable...

How much interest i hav to paid if tds deducted amount is Rs. 100000/-

Interest from the date of deduction to till actual payment @ 1.5 % per month.

interest will be 1.5 % per month from the date tds was deducted till it is deposited.

So I think interest will be for 2 months in your case.

for further clarification..that part of month will be considered as full month

YES.AGREE WITH ABOVE....

INTEREST RATE WILL BE 18% PER ANNUM...IE 1.5% PER MONTH.

As per Sec 201(1A) of Income Tax Act, 1961, the person after deducting tax fails to pay it as required by or under this Act, he shall be liable to pay simple interest @ 1.5% 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.

In your case tax is deducted in April and paid in June. Hence interest is payable for 3 months i.e., from April (the date on which tax was deducted), May and June (the date on which tax is actuall paid) @ 1.5%.

The interest on Rs. 1,00,000/- comes to Rs. 4,500/- (Rs. 1,00,000 x 1.5% x 3 months).


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