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Tds deduction & interest on delay payment

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Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2013 My Income Tax audit under process and TDS deduction on 31/03/2013 and paid on 07/05/2013, Kindly send calculation on late payment TDS Amount Rs 23,492/-
Our auditor calculate Interest from 01/03/2013 to 31/05/2013. Whether this is correct.

Upendra T Kuber
Malde Paper Box

CA Nayan Ratandhayara

CA Nayan Ratandhayara (Expert)

11 May 2013 Interest on delay of TDS is from the date of deduction to date of payment. Assuming in case, if TDS deducted in between the month lets say on 15th March,2013. Than your Interest will be from 15th March to 7th May,2013. In this case Interest will be charged for 2 months.

Guest

Guest (Expert)

12 May 2013 Part of the month is also considered as full month.
Hence 1 day in a month will be considered as full month

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