Payment of a particular expense is on say 25th May, 2013. So due date of payment is 7th June, 2013. If the deductor deposits the TDS amount on 5th July, 2013, how many months interest is payable on the delay?
Is it 2 months because fraction of even 1 day to be taken as 1 month. 1 month for June 2013 and 1 month for the 4 days in July, 2013.
Or
Is it only 1 month, because he has paid it before 7th of July, 2013?
CAclubindia
