Originally posted by : manish kukreti
Sir, TDS deducted on 30th july due date was 7th aug but the tds deposited on 21st aug.......
then for how much month interest should be calculated?????????
If anybody fails to pay with in due date, the due date is not criteria for calculating interest on late payment.
Here in this case...
Interest calculation is follows::
Period ::Date of Tax deducted to Date of actual deposite (interest @ 1.5% p.m or part there of)
TDS is deducted but no deposited with in due date
TDS deducted 30 th July - Part of July month
TDS deposited on 21st Aug - Part of Aug month
Therefore 2 months interest
Note :: Month means one calander english month and not period of 30 Days