Regarding tds interest

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Pandharinath (Querist)
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16 June 2015 Sir at the time of rent payment of may month of Rs 80000 i have not deducted tds on that amount in may month but i have deducted tds on that amount in the month of 15 june then plz tell me how much interest will have to pay?

Ankur Singhal

Ankur Singhal (Expert)
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16 June 2015 From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m. For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m -

So Interest will be (80000 x 1%)x2= Rs.1600/-

As for the purpose of this section 1% is for the month or part thereof.

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