Interest on delayed payment of tds

This query is : Resolved

Geetanjali Savarkar (Querist)
Follow

20 February 2014 Date of Payment and Date of Deduction is 10/04/2012, the due date is 07/05/2012. However the date of deposit is 09/05/2012. Will the period of delay in deposit be 1 month or 2 months for calculation of interest thereon?

Is the period to be calculated from 01/04/2012 to 31/05/2012 as 2 months?

Or is the period to be calculated from 10/04/2012 to 09/05/2012 as 1 month?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

24 February 2014 it will be two months. April and May 2012.

Geetanjali Savarkar

Geetanjali Savarkar (Querist)
Follow

24 February 2014 No but this example is dispalyed on a professional site and the period taken is one month. SO is the period to be taken as a month of 30 days?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

24 February 2014 no Geetanjali. Income tax department calculates interest on calender month basis only.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok