Interest rate for non deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2015
interest rate for non deduction of TDS
at the time of making advance payment
OR
At the time of making credit to the books
whether 1 % Interest rate applicable for non deduction of TDS.
at the time of making advance payment
OR
At the time of making credit to the books
whether 1 % Interest rate applicable for non deduction of TDS.
05 June 2015
Yes. Interest @ 1% per month or part thereof has to be paid for late deduction of TDS. Interest to be paid for the period from the date on which TDS was liable to be deducted till the date on which TDS was actually deducted.
Say TDS was liable to be deducted on 01.01.2015 but TDS was deducted on 01.02.2015 so in this case interest on late deduction of TDS @ 1% per month has to be paid for 2 months i.e., 2% of the TDS amount.
Say TDS was liable to be deducted on 01.01.2015 but TDS was deducted on 01.02.2015 so in this case interest on late deduction of TDS @ 1% per month has to be paid for 2 months i.e., 2% of the TDS amount.
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