Interest on tds for late payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 DEAR SIR/MADAM,

I HAVE ONE QUERY REGARDING INTEREST ON LATE PAYMENT OF TDS i.e. IF COMPANY PAID TDS FOR THE MONTH OF AUGUST ON 08.09.11 INSTEAD OF 07.09.11, WHETHER COMPANY REQUIRED TO PAY INTEREST FOR ONE DAY OR FOR WHOLE MONTH?

THANKS IN ADVANCE !!!

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 September 2011 TDS interest apply on monthly basis, cannot calculate day basis interest, when you are paying 1 day late you need to pay 2 months interest 1 month for deducted month 1 month for 1 day delay , because TDS interest apply from the date of such TDS deduction to date of payment (month or part of month)

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 DEAR SIR,

WHAT HAPPENS IF I DOES NOT PAY ANY INTEREST ON TDS ??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 September 2011 Department will raise the demand for the same and issue notice

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