Interest on delayed payment - tds
This query is : Resolved
Raghavendra
(Querist)
25 August 2016
Dear Experts,
I have one issue regarding payment of interest on late payment of TDS, suppose if i delayed by one day for making payment, i.e my TDS payable is Rs. 1000/- i have paid it on 8th of subsequent month, then i need to pay interest @ 1.5% for one month, means 15 Rs, but Tracess will calculate it as either interest 3% or 2 months delay and arrives interest liability Rs. 30/- What is the reason behind this? which section or rule applies for this?
Raghavendra
I have one issue regarding payment of interest on late payment of TDS, suppose if i delayed by one day for making payment, i.e my TDS payable is Rs. 1000/- i have paid it on 8th of subsequent month, then i need to pay interest @ 1.5% for one month, means 15 Rs, but Tracess will calculate it as either interest 3% or 2 months delay and arrives interest liability Rs. 30/- What is the reason behind this? which section or rule applies for this?
Raghavendra
26 August 2016
Interest payable is 1.5% per calendar month. So even in case of delay of one day interest will be payable for 2 months i.e., 3%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Form 144 TDS Return Validation Error – Mandatory Fields
- Gift to nri relatives residing in usa
- Capital gains in IT returns
- Advances to related party
- GSTR9 Annual Return
- Ito add credit side of bank
- Employee secondment
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
