Tds interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 Dear Sir,

What is difference Between Additional Late Payment Interest Against the processing of latest Correction and interest U/s 220(2)

Sandeep Dharar

Sandeep Dharar (Expert)
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17 June 2014 Interest is charged @1.5% for late payment, and for late deduction 234E attracts

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2014 Dear I think you got it wrong.

1% is attracted for delayed deduction, 1.5% for late deposit and 234E is for late filing of TDS returns.

Dear querist, 220(2) is applicable where a demand is raised but not paid within thirty days of service of the notice. Here interest payable is again 1%. given that defaults under TDS are also covered under 156 demand notice, if any demand is raised on you for TDS defaults, the shall be chargeable for additional interests if not paid within 30 days.

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