Interest on tds
This query is : Resolved
03 February 2014
If TDS(Salary and Non Salary)for the month Nov.2013 deposited after due date(07.12.13), say 10.12.2013. What will be the interest rate on delay payment?
03 February 2014
Interest would be 3%. Once there is delay, interest is also charged for the month in which TDS is deducted.
04 February 2014
thanks ! my question is interest should impose in delay payment of TDS. In this case delay start from 01.12.13 to 12.12.13, for 12 days. Interest should charge delay for part of the month, i.e. 1.50 %.
04 February 2014
Interest on late payment is charged @1.5% p.m. or part of month. Interest would be charged for Nov. (any number of days)@1.5% + 1.5% for Dec.(any no. of days). So total interest would be 3%.
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