Interest on late payment of tds
This query is : Resolved
Krishna Murthy
(Querist)
13 June 2014
It is known that interest on late payment of TDS is 1.5% pm or part of month from the date of deduction to the date of actual payment. Now, my doubt is if an assessee deducts tax on March 31. The due date for payment into bank is April 30 but pays on May 8. Whether interest is to be calculated for 2 months ie April and May or for 3 months ie. March, April and May (it says part of month. Whether March 31 is also part of month or not). I received TDS intimation raising demand for 3 months. whether the department is correct or not
CA.Shubhneet Kaur
(Expert)
13 June 2014
It is to be calculated for 3 months. Even if it is one day it is to be considered as part of month. Hence, Department is right
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