Interest on tds

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Arup Majumdar (Querist)
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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?

AVTAR SINGH

AVTAR SINGH (Expert)
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03 February 2014 Interest would be 3%. Once there is delay, interest is also charged for the month in which TDS is deducted.

Arup Majumdar

Arup Majumdar (Querist)
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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 %.

AVTAR SINGH

AVTAR SINGH (Expert)
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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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