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Applicability of interest on tds on salary

550 views 2 replies

Rakesh

Accountant

41 Points Posted on 03 January 2014

Hello Everyone,

Happy New year to All my dear & nears.

I have a query regarding, is Interst need to charge on TDS deducted on Salary. I have not deducted any TDS during the dear. and now i have deducted TDS for last 9 Month from the Salary. So for this query, i want to know that i should deposit the interest with TDS Deducted. Only in case of Salary. Please give your opinion or latest amendment in law regarding this.

Thanks & Best Regards

Rakesh Kumar

Replies (2)

GAUTAM SHARMA

Audit Assistant

353 Points Posted on 03 January 2014

no u r not required to deposit interest, if u've not deducted TDS earlier, but make sure proper tds is deducted from salary

CA. Kuldeep Singhi

Entrepreneur

424 Points Posted on 03 January 2014

Since TDS on salary need to be deducted on payment basis so when salary is being paid monthly TDS need to be deducted on monthly basis & since TDS is deducted late so late deduction interest will be applicable @ 1% p.m.