Interest rate for TDS On Late Payment
This query is : Resolved
09 February 2011
Dear All
Please guide for the interest calculation with rate for late payment of TDS by 3 days ie due date is 7th and i had made a payment on 9th.
Regards
PREMAL PATEL
Please guide for the interest calculation with rate for late payment of TDS by 3 days ie due date is 7th and i had made a payment on 9th.
Regards
PREMAL PATEL
09 February 2011
Interest rate on late deposit of TDS is 1.5% per month w.e.f 01.07.10.
For details see below link. Same type of question has been answered in details.
https://www.caclubindia.com/experts/tds-577865.asp
For details see below link. Same type of question has been answered in details.
https://www.caclubindia.com/experts/tds-577865.asp
CA Pramod Jain
(Expert)
09 February 2011
1.5% monthly for every delayed month, in your case one month interest needs to be paid
09 February 2011
In this case there can be two situations---
Payment was made on 9th--
Situation 1) TDS deducted after 9th of previous month --- Interest on late deposit 1.5%.
Situation 2) TDS deducted on or before 9th of previous month --- interest on late deposit 3% for two months.
Payment was made on 9th--
Situation 1) TDS deducted after 9th of previous month --- Interest on late deposit 1.5%.
Situation 2) TDS deducted on or before 9th of previous month --- interest on late deposit 3% for two months.
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