Tds
This query is : Resolved
13 July 2015
Dear Sir,
I want to know that
If Bill Date is 25-12-2014
& TDS on that Bill is 2250/-
& if we are paying it on 13-07-2015
then interest would be calculated for how many months ?
& what will be the Interest Amt. ?
I want to know that
If Bill Date is 25-12-2014
& TDS on that Bill is 2250/-
& if we are paying it on 13-07-2015
then interest would be calculated for how many months ?
& what will be the Interest Amt. ?
13 July 2015
When TDS is not deducted
Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually deducted/collected.
When TDS is deducted but not paid
Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid.
Interest will be calculated for 8 months.
Now check both the case for the applicability of interest rate.
Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually deducted/collected.
When TDS is deducted but not paid
Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid.
Interest will be calculated for 8 months.
Now check both the case for the applicability of interest rate.
13 July 2015
please check this for more details
https://blog.tdsman.com/2013/04/penalty-on-non-deduction-late-deduction-and-late-deposit-of-tds/
https://blog.tdsman.com/2013/04/penalty-on-non-deduction-late-deduction-and-late-deposit-of-tds/
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