Interest on late payment of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2014 i want to know the amount of interest to be deposited in case the date of deduction is 30-11-2013 and deposition date is 9-12-2013.
amount of tds deposited is 2340.

CA Ankit Anupkumar Luharka

CA Ankit Anupkumar Luharka (Expert)
Follow

06 January 2014 Interest = Amount deposited * rate of int @ 1.5% for each month

Thus int will be 2340*3%= 70

Int is calculated from the date of deduction to the date of date of deposit.

If a single day is covered in a month, then the interest liability will arise on whole month.
Thud you have to pay int for both nov and dec, which equals to 3% at the rate of 1.5% per month

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