11 April 2012
I have paid TDS for the month of April 2011 in 30th June 2011. What will be the period for calcaulating interst is it for 2 month rate is 3% or 3 month rate is 4.5%, pls guide.
Its 1.5% per month or part thereof. So if not paid by 7th Interest will be considered from month or part in excess thereof. So For April to June 3 months and interest will be 4.5%.
11 April 2012
April month TDS shall be remitted to Govt, 7th of next month. So, May 7th is the due date for payment of April TDS. If not paid on due date, interest will be charged at 1.5% per month or part there of. So, default is only 2 month, i.e., may and jun. Therefore, interest will be charged @3%
11 April 2012
Disagree. Due date 7th will be considered only if paid in time if paid after due date period of default will be calculated from the date of deduction. And therefore interest need to be paid for 3 months.
12 April 2012
Agree with Mr. Sanjay its for 3 months i.e. from the date of deduction to date till it is paid or part there of. Hence, it will be for 3 months. Refer Sec 206(1A)(ii) for details.
05 May 2012
if it is TDS for salary of April which has been paid in May then liability for 2 months only coz in case of TDS on salary unlike other sections libillity to pay arises not at the time of Provision but at the time of payment..
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