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Tds

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(Querist)
16 August 2010 If there is delay in tds remittance of non salary like contractors, professional etc by 1 or 2 days is there is any interest on it pls let me
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VINOD ARORA

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VINOD ARORA (Expert)
16 August 2010 yes, as per recent amendments, interest @1.5% pm or part thereof is payable.
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CA Kapil B Gupta

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CA Kapil B Gupta (Expert)
16 August 2010 If TDS is not deposited within due date, you will have to pay interest.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
16 August 2010 Even for 1 or 2 day delay you will have to pay 3% interest. Interest is calculated from the date of deduction till date of payment.

Say TDS deducted on 25th July

Due Date 7th August

TDS deposited on 8th August.

You will have to pay interest @1.5% for two months.
Apart from that penalty u/s 221 to the maximum of TDS amount may also be levied.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
16 August 2010 yes. 1.5 % interest per month from the date of deduction of TDS.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
16 August 2010 Nice expalined in this article.
https://www.caclubindia.com/articles/a-day-s-delay-in-tds-remittance-interest-upto-3--6580.asp
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