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Interest on tds

Avinash Jeevan Dsouza (Accounts Officer & In charge) (3298 Points)

15 May 2018

Can anyone calculate the Interest on TDS for the month of March 2018?

TDS 192B Rs 353950/- Payment will be done today.

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7 Replies

JAI BHOLA (504 Points)
Replied 15 May 2018

int-5309.25
i.e 1.5% per months or part of.

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CA Ankit R Momaya (Partner at Bhat Momaya & Associates) (2319 Points)
Replied 15 May 2018

Interest is Applicable for 2 Months i.e. April & May and not one month...

JAI BHOLA (504 Points)
Replied 15 May 2018

technically it's for 3 months cause section 201A 'from the date of TDs deduction to actual payment ' therefore interest would be 15927

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CA Ankit R Momaya (Partner at Bhat Momaya & Associates) (2319 Points)
Replied 15 May 2018

However since the Salary accrues on 31st March, Interest not applicable for March month. Hence only for 2 Months. There are various judgements of High Courts in this Regard too.

Avinash Jeevan Dsouza (Accounts Officer & In charge) (3298 Points)
Replied 15 May 2018

To be in safer side we will pay interest for 3 months.

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JAI BHOLA (504 Points)
Replied 15 May 2018

ya pay for 3 months , cause getting due on 31st march satisfies the provision "part of " . And it's a debatable issue so you pay for 3 months to avoid other penalties...

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RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 15 May 2018

As per the query Interest will be calculate 3 months.

Simply wait and receive the notice from TRACES. It is noticed the Payable amount and Also in the dashboard... 😊😊😊😊