TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2011 IN THE F.Y. ENDED 31-03-2011. WHERE TDS WILL BE PAID ON 30-04-2011 FOR THE QTR. ENDED 31-03-2011. BUT TDS AMOUNT WILL BE PAID ON 12-05-2011.

WHAT WILL BE PERCENTAGE OF INTEREST FOR LATE PAYMENT AND WHAT PERIOD.

PLEASE TELL ME.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 May 2011 Interest need to be calculated from deduction date to payment date @ 1.50% per month

Suppose you deducted TDS on 30th March then, you need to calculate

March - 1 month
April- 1 month
May- 1 Month

so 3 months = 1.50x 3 = 4.50% interest

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 May 2011 It depends on the date. If TDS was deducted on say 31st march. Then interest will have to be paid for 2 months if TDS is deposited on or before 30th May.But if TDS deducted on say 5th March then interest will be levied for 3 months. So depends on date.

Also 30th April is the due date of payment for TDS deducted in the month of march and not for the quarter ended 31.03.11

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 May 2011 https://www.caclubindia.com/experts/tds-577865.asp

Also see above link for details of calculation of interest on late deposit of TDS.

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