Interest on late payment of tds
This query is : Resolved
31 December 2015
as we khow 7th of next month is the due date paying tds but i depposited the tax deducted in nov 2014 in dec 12, 2014 but the cpc has charges interest for 2 months @1.5% or should it be for 1 month
Ankur Singhal
(Expert)
31 December 2015
If an assessee fails to deposit TDS within the time limit as mentioned above, then he is liable to pay interest penalty @ 1.5% for every month or part of the month from the date of deduction.
Pls note that here for calculation of interest the part of the month is taken as a full month.
Example: DAte of deduction is 25/11/2015 And due date of deposit of TDS is 07/12/2015.
But you deposit TDS on 08/12/2015 or later in december.
Then for interest calculation part month of november and december will be considered as two full months.
Pls note that here for calculation of interest the part of the month is taken as a full month.
Example: DAte of deduction is 25/11/2015 And due date of deposit of TDS is 07/12/2015.
But you deposit TDS on 08/12/2015 or later in december.
Then for interest calculation part month of november and december will be considered as two full months.
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