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Late fee interest on tds last quarter FY 2019-20

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Gururaj bhat

45 Points Posted on 09 January 2021

Dear All

please suggest me tds late pay interest on last quarter i.e Jan 2020 to march 2020 (FY 2019-20)

tds paid along with late payment interest.

now is there any need to show last quarter interest in form 3cd sl.no 34 table.

because paid in July 2020 I. e current year.

any way that is disallowed on next year i.e FY 20-21

what is the treatment in FY 2019-20 in form 3cd .

Regards,
GURURAJ

Replies (3)

Quick Summary

This discussion seeks guidance on reporting TDS late payment interest for the last quarter of FY 2019-20 (Jan-Mar 2020). The interest was paid in July 2020, falling into the current financial year. The core question is whether this interest needs to be shown in Form 3CD, specifically in Sl. No. 34 table, considering it will be disallowed as an expense in FY 2020-21. The standard interest rate is 1.5% per month.

Interest at the rate of 1.5 % per month or a part of month will be paid

interest on TDS is allowed as an expense in books of account as per Income tax act