interest pay on tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2010 Sir
The department give payment contractor 22.1.2010 and deducte tds 22.1.2010. The depart. deposit tds in bank 5.2.2010. How to interest calculate .

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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12 August 2010 Payment is made in jan and tds deducted also deducted in JAN i.e Due date id 7th FEb 2010, TDS deposited in bank 5th Feb ie before due date. No need to pay interst

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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12 August 2010 There is no interest applicable as the TDS has been paid before due date.

However, if only the credit to contractor has been made at an date, before 01/01/10, then only interest will be applicable. If it is so, provide the credit date.

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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12 August 2010 TDS has been remitted within due date. No interest is payable in this case.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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12 August 2010 No interest applicable as TDS paid within due date.

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