TDS Interest

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S RAMESH KUMAR (Querist)
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27 January 2011 Dear Experts,

TDS Deducted on 06.07.2010, amount remitted on 08.08.10 how much month Interest will attract and how much percentage?

month calculation is 06.07.2010 to 05.08.2010 (31 days) or 30 days

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 January 2011 Section 201(1A)says, interest is payable for every month or part of a month from the date of on which tax was deductible to the date on which it is actually paid. So delay, as per my understanding, from 6-7-2010 to 31-07-2010 = 1 month and 01-08-2010 to o8-o8-2010 = 1 month thus aggregating to 2 months.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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27 January 2011 Agreed with Mr. Chakrapani.

1.5 % penal interest for 2 months > 3%

Guest

Guest (Expert)

27 January 2011 Agreed with both experts

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