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Rate & calculation on late payment of tds

TDS / TCS 971 views 5 replies

Suppose I am deducting TDS on 31/03/12 & deposit the same in bank on 10/05/12, how many month delay calculated & @ what rate should I deposit interest on TDS ?

Replies (5)

1% per month

delay 2 months and intt rate 12% p.a.

How it is 2 month?? Its only 10 days late from due date??

Interest @ 1.5% per month. In your case interest to be paid for 2 months

 

(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest at eighteen per cent per annum(1.5% p.m) on the amount of such tax from the date on which such tax was deductible to the date on which such tax is actually paid.

SO THAT ON ABOVE BASIS INTEREST WILL BW CHARGED FOR 2 MONTHS


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