INTEREST ON LATE PAYMENT OF TDS

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CA CHANDRA PRAKASH HASSANI (Querist)
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22 April 2011 I WANT TO KNOW THE INTEREST LIABILITY ON TDS FOR THE JOURNAL ENTRY PASSED ON 31 ST MARCH 2007 AND AMOUNT PAID ON 19 TH JUNE 2007. AS PER THE RULE THE LAST DATE FOR THE PAYMENT IS 31 ST MAY. SO, INTEREST TO BE PAID WILL BE FOR 1 MONTH OR 3 MONTHS. KINDLY REPLY.

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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22 April 2011 Interest is payable from the date of deduction till date of payments.

CA CHANDRA PRAKASH HASSANI

CA CHANDRA PRAKASH HASSANI (Querist)
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22 April 2011 Ok agreed but my question was date of deduction is 31 st March of which the due date is 31 st May, Hence, the payment of TDS on 19 th June will attract interest @ 1% for 1 month or 3 months. Kindly clarify.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 April 2011 interest will be calculation from the date of deduction so in your case date of deduction 31st March and payment 19th June so 3 months interest 3% will be payable

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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22 April 2011 Agreed with Sri Ramesh Krishnan

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