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ADVOCATE NUSRAT (Querist)

15 February 2016 if i receive the courier bill amounting to rs.50000 on 25/02/2016.
and i have made the payment on 15/03/2016 and i deduct the tds on 15/03/2016 and deposit the same in bank.
am i laible to pay interest on late deduction of tds and it is 1% per month,how it is calculated is it completion of a month or even a single day??????

Ganeshbabu K

Ganeshbabu K (Expert)

15 February 2016 EVen singly day delay also considered as month for caluculation of interest as per section 201(A)

You need to pay interest for 13 months i.e, 13*1%

ADVOCATE NUSRAT

ADVOCATE NUSRAT (Querist)

15 February 2016

Suresh Ramaswamy

Suresh Ramaswamy (Expert)

15 February 2016 The courier bill received on 25th February 2016 as per query and it is settled on 15th March 2016. The TDS is payable on the 7th of the subsequent month. Hence there is a delay of 8 days. Interest is payable for the months of February and March @ 1% per month.

ADVOCATE NUSRAT

ADVOCATE NUSRAT (Querist)

16 February 2016 may i have to deposit interest payable with the tds amount in bank

Ganeshbabu K

Ganeshbabu K (Expert)

16 February 2016 yes you need to pay interest in the same challan when u pay TDS specifying interest seperately

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