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Interest on tds deposition

CA AMIT VIJAY (Manager-Audit) (123 Points)

31 August 2013

An individual deducted TDS on 05/03/2013 and deposited the same on 14/05/2013 then the interest on this late deposition will be calculated for how many days and at which %age.

Thanks in advance.......

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10 Replies

Nisha Yadav (Accounts exe) (455 Points)
Replied 31 August 2013

1.5% for three months (i.e March , april and may)

1 Like

CA Pooja Sharma (Chartered Accountant) (192 Points)
Replied 31 August 2013

Amit, in this case intt will be calculated at 1.5% per month or part of the month. .

Period of intt wil be 3 months (part of the month is considered as 1 month).

1 Like

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 31 August 2013

agree with Ms. Nisha.... it would be 1.5% for 3 months.. i.e. 4.5% in total..

1 Like

NAGASAI.K (Article Assistant) (193 Points)
Replied 31 August 2013

Interest on late deposition of tds levied @ 1.5% per month or part of the month from the date of deduction to the date of deposit

In this case interest is calculated for 3 months

1 Like

CA AMIT VIJAY (Manager-Audit) (123 Points)
Replied 31 August 2013

Thanks to all for replying me........................................

Rohit paryani (Student) (31 Points)
Replied 02 September 2013

For which instance per day penalty is 200

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 02 September 2013

Dear Rohit,

that is for late filing of TDS return... not for late deposit of TDS...

D S RAWAT (bussiness) (28 Points)
Replied 02 September 2013

Acrding to me Amit Ji u will deposite interest of 37 days

CA Pooja Sharma (Chartered Accountant) (192 Points)
Replied 02 September 2013

Agree with Lovely Sir, in case of late filing of TDS return deductor will be liable to pay fee of Rs 200 per day till the failure to file TDS statement continues. However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.