TDS
This query is : Resolved
DEEPA LULLA
(Querist)
29 April 2009
If TDS Payment for the month of May-2008 was paid on 7th July,2008 without Interest, So when the Interest is Liable to be arise?
Ram Avtar Singh
(Expert)
29 April 2009
TDS may2008 payment date was 7th June-2008
after that Interest is liable.
But see fact of your quistion Its on payment basis. when payment made for credited.
once again see your books
after that Interest is liable.
But see fact of your quistion Its on payment basis. when payment made for credited.
once again see your books
taxindiaconnect
(Expert)
29 April 2009
The interest on non payment as per section 210 of IT Act arises from the date of deduction till the date of actual payment of TDS @ 1 for every month or part of the month. So if the TDS is deducted on 1st May and deposited on 7th July interedt for 3 months will be levied. One month for may 2nd month for june and 3rd for July. This hold true even if the TDS is deposited up to 31st July.
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