Interest on delayed payment of TDS

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If you've paid your salary TDS for March 2020 after the due date of April 7th, you'll likely need to pay interest. The interest is calculated at 0.75% per month for the period of delay, which in this case is three months (March to May).

Bhai

Bhai (Querist)

21 May 2020 Salary TDS for March 20 deposited on 21-05-20. Should I pay interest for 3 months. Pls clarify.
Hope Interest is at 0.75% per month.
Thanks.

PARAS CHHAJED

PARAS CHHAJED

(Expert)

21 May 2020 Interest for 2 moths @9% pa

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

21 May 2020 You have to pay interest for 3 months @0.75 PM since you have not paid with due date 30th April you have to calculate interest from March to May

Prakash Kochar

Prakash Kochar (Expert)

22 May 2020 TDS on Salary for month of March is payable on or before 7 th of next month in which salary is credited or paid. Interest liability will be for 2 months.

swasti

swasti (Expert)

23 May 2020 Interest for 3 months @ 0.75% p.m.

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