Tds @ 1% or 1.5%

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preet prakash (Querist)
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07 January 2016 Hi All
TDS deductible in Nov. 2015. deducted in Dec 15. paying on 7th jan 16. so interest will be applicable @ 1% or 1.5%??????
kindly reply

praveen

praveen (Expert)
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07 January 2016 1% upto date of deduction. 1.5% from the date of deduction till date of remittance. Hence in your case 1% only.

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Ankur Singhal

Ankur Singhal (Expert)
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07 January 2016 Dear
Preet
W.e.f 01-07-2010

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

Interest is to be calculated for every month or part of a month comprised in a period,
Any fraction of a month shall be deemed to be a full month

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