Interest rate on TDS delay payment
This query is : Resolved
09 July 2010
Dear all,
If the TDS is due on 7th january 2010 but is paid only on July 10th. then whether I have to calculate Interest @ 1.5% from January 7th or only from 1st July and for the left of the period 1%?
because I think interest rate is changed from July 1st.
If the TDS is due on 7th january 2010 but is paid only on July 10th. then whether I have to calculate Interest @ 1.5% from January 7th or only from 1st July and for the left of the period 1%?
because I think interest rate is changed from July 1st.
09 July 2010
1.5% P.M. FOR JULY FOR REST 1% P.M.
CALCULATE INTEREST FROM THE DATE OF DEDUCTION AND NOT DUE DATE OF PAYMENT.
CALCULATE INTEREST FROM THE DATE OF DEDUCTION AND NOT DUE DATE OF PAYMENT.
09 July 2010
if the due date of tds payment is 7th january, u have to calculate the interest of 1% for the month of jan,feb,march,aprl,may,june and for the month of july u have to calculate the interest @ 1.5%. bcoz the new provision/rate of interest is effective from july 1st onwards.
Shyam Lal Naik
(Expert)
09 July 2010
Interest for Dec shall also pe paid. As rightly pointed by Mr. Gupta, interest shall be paid from the date of deduction.
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