Interest on tds

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smit sharadkumar dave (Querist)
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07 July 2012 IF any expenses is booked in the month of may on which TDS is deducted and required to be deposited by 7th June ,which i forgot to deposit and now i would like to depoist by today i.e. 7th july . so should I pay 1.5% interest or 3% interest on Such TDS

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 July 2012 If the TDS is actually deducted and not paid to the Govt then the Interest rate is 1.5% per month or part of the month from the date of deduction,in case you are deducted TDS on 31st May and not paid till date then May/June/July - 3 Months - 1.5 x3= 4.50% Interest need top pay

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