The due date of payment of tds is 7th of the following month, but i have deposited my tds at bank on 8th of the month, and the bank gave me the deposit date of 8th. the date of clearing is 11th . am i liable to pay interest for the delay payment of tds?? and which date is applicable for the payment of tds (as per income tax act)whether deposit date or claearing
17 November 2008
It is deposited date i.e, 8th of the month and you are liable for interest @ 1% p.m. (When you are late even for a day ,you are liable for interest for full month).
CAclubindia
