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Kanthraju (Accountant)     05 September 2011

Interest on late payment of tds

Please suggest me to caliculate interest on late payment of TDS. For the month of Apr-11 rent (Accounted on 30/04/11) paid on 13th of May 2011. TDS deposited on 6th of July. Here what is the due date for payment of TDS? How many month interest to be paid to Govt of India?



 11 Replies

Devendra

Devendra (Chartered Accountant)     05 September 2011

The TDS for the month of April is to be deposited on or before 7th May. In your case TDS is deposited on 6th July which has resulted into a delay of 3 months (ie. May, June and July), hence Interest shall be calculated on 3 months. The rate of Interest on late deposit of TDS is 1.5 % p.m


Regards,

Devenda


CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)     05 September 2011

Originally posted by : Devendra

The TDS for the month of April is to be deposited on or before 7th May. In your case TDS is deposited on 6th July which has resulted into a delay of 3 months (ie. May, June and July), hence Interest shall be calculated on 3 months. The rate of Interest on late deposit of TDS is 1.5 % p.m




Regards,

Devenda


 
Venu Gopal

Venu Gopal (Service)     05 September 2011

For the month of april, you supposed to deduct tax in  the month of april and needs to be deposited on or before 7th May. Since you deposited in the month of July, it was delayed by 3 months. There are two types of interest rates are inforce.
 
 
For late deduction of Tax deduction at source-(period date from tax deductible to date of actual deduction )(rate 1 % per month or part thereof) 
 
 
 
 
For late deposit of TDS after deduction (period :date from tax deducted and date of actual deposit)(rate 1.5 % per month or part thereof)



1 Like
TRILOCHAN

TRILOCHAN (SENIOR ACCOUNTANT)     06 September 2011

3 months delay @ 1.5% P.M so 4.5%

Pradip Shaw

Pradip Shaw (Practice)     06 September 2011

3 monts delay, May June & uly, 1.5% p.m. ie, 4.5%

CA PRAVEEN SINGH

CA PRAVEEN SINGH (MANAGER ACCOUNTS)     06 September 2011

Agree with above. TDS deducted in the month of April is to be deposited on 7th may or before,but here deposited on 6th july,delay months,MAY,JUNE,JULY,3 month

Rate of interest 1.5% per month

Total interest 4..5% applicable.

ca praveen

Manan

Manan (student)     06 September 2011

Kindly tell me in 3CD, under which clasuse Interest on late payment of TDS would be shown :

Clause 17(d) or Clause 27 ? Please reply asap.

CS Bijoy

CS Bijoy (Expert)     06 September 2011

Check the 3CD forn mention their for Interest on Late payment of TDS.

CA Atul

CA Atul (Tax Manager)     06 September 2011

Dear Manan,

Clause 17(d) is for "Delay in payment of Provident fund" for TDS payment delay Clause 21(i) is there in 3cd report.

 PANKAJ KUMAR

PANKAJ KUMAR (PROFESSIONAL)     06 September 2011

The delay in payment of TDS is of 3 months may, june, july. The rate in foce is 1.5%p.m. i.e. total 4.5%. Regards Pankaj
sakariya tp

sakariya tp (B.Com)     16 October 2012

Originally posted by : Devendra

The TDS for the month of April is to be deposited on or before 7th May. In your case TDS is deposited on 6th July which has resulted into a delay of 3 months (ie. May, June and July), hence Interest shall be calculated on 3 months. The rate of Interest on late deposit of TDS is 1.5 % p.m




Regards,

Devenda


 

But,

Tax of April is payable on or before 7th May, but paid on 6th July.

I think the late is -

from 7th May to 6th June - 1 month

from 7th June to 6th July - 1 month

total 2 months.

what about this?


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