Tds interest on delayed deposit

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This query is : Resolved

24 January 2015 Payment dt 30 Jul 2014 & Due date 07 Aug 2014. Actual deposit 07 Jan 2015. How to calculate interest ? How many months will it be delayed?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 January 2015 The delay is 7 months. From July-14 to Jan-15.

Rupesh Jain

Rupesh Jain (Expert)

24 January 2015 you have to calculate from july to jan
total 7 month

CMA MUNIKOTI CHANDRA SEKHAR

CMA MUNIKOTI CHANDRA SEKHAR (Expert)

24 January 2015 Thanks. At what rate?

CMA MUNIKOTI CHANDRA SEKHAR

CMA MUNIKOTI CHANDRA SEKHAR (Expert)

24 January 2015 Thanks. At what rate?

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Querist)

24 January 2015 No, the interest is calculated from the date on which deduction was made to the date of actual payment. Part of the months is for Jan only. int.@1.5% for 6 months.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 January 2015 July -14 to be taken part of the month.

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Querist)

24 January 2015 if there is no deduction no need to pay interest for late payment. That's why law specifically mentioned from the date of deduction. so from July 30 th only.

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