interest on late deposite of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2010 we have bulk of transaction regarding the payment made and deducted the tds in different dates of june and we have deposited the tds on dated 15th july after due date.
so we have calculated interest for two months . please suggest me that m i correct or not

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2010 Interest on late deposit of TDS

Upto 30.06.2010 1% pm or for a part of a month from the date of deduction.

From 01.07.2010 1.5% pm or for a part of a month from the date of deduction.

Ghanshyam T Jha

Ghanshyam T Jha (Expert)
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28 July 2010 The Finance Act, 2010 has amended the said provisions and interest shall be levied as under:
• At one percent for every month or part of a month from the date on which such tax was deductible to the date on which such tax is deducted; and
• At one and one-half percent for every month or part of a month from the date on which such tax was deducted to the date on which such tax is actually paid.
The amended provisions are effective from 1st July 2010

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2010 please read carefully --------
if we deducted the tds in 25 june and paid in 15july after due date and i have calculated interest 1% for june month and 1.5% for the month of july.
please suggest m i correct or not.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2010 Yes you are correct. Till 30.06.2010 rate is 1% and from july 1.5%. So you are correct in your calculation.

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