Intrest on late paymen t of tds
This query is : Resolved
11 October 2015
Dear Expert
Guide me RE the case given Below:-
One of our Client had paid the professional Fess of May Month in June than
how Much interest Should be paid by Him?
For what Period?
Is interest is charged on Interest?
as i m filling his TDS return for the 2nd Quarter
12 October 2015
If the date of payment or credit of Professional fees is in May month then due date of deposit of TDS is 7th June. If deposited within 7th June then no interest to be paid. If deposited in june any time after the 7th of June the interets on late deposit of TDS needs to be paid @1.5% per month for two months i.e., 3% interest to be paid on the TDS amount.
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