Dear All,
I am deducted a TDS from my party on 30/09/2013 and deposited that TDS amount at bank 08/10/2013 (due date 07/10/2013).
Now please tell me What is the calulation of Interest for that 1day delay of TDS payment ? I am paid 1.5% for that 1day delay but, I am received a notice from TRACES that show 3% for 2months Late.
If this notice is correct that means as per TDS interest calculation rule you are not delay or you are delay by 2 months not 1 month. This is justified ?
M N Rao & Associates LLP
Vijayawada
CA Inter
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