Interest charged on late payment of tds
Querist : Anonymous
Querist : Anonymous
but sir as per taxguru website the rate of interest showing as 1.5% pm,
If i faiure to pay the tds within the due date i.e. 30th April, how many days i will calculate interest from due date or from bill booking date?
Querist : Anonymous
I booked the bill & deduct TDS on 31st Mar, but failed to pay the tds within 30th april.
If i will pay on next 13/05/13 , then how many month i have to pay the interest.
From a source I came to know if you could not pay the tds within due date, the interest should calculate from the booking date of bill, in taht case i have to pay interest foer 2 months, Please confirm.
Refer the following section of the Act:
the following provision should be read with the provision of due date of 30 April.
Section 201(1A):
[(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 the whole or any part of the tax 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,—
(i) at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
(ii) at one and one-half per cent 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,
Querist : Anonymous
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