Late payment of TDS Mar21
ashu gupta (accountant) (56 Points)
30 April 2021
What is the interest on late payment of TDS of Mar'21 in May'21??
10 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 April 2021
Interest @ 1.5% pm or part of the month, from the date of deduction to the date of payment.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 30 April 2021
1.5% Interest per month or part of month shall be considered from date of accruing to date of payment
ashu gupta
(accountant)
(56 Points)
Replied 30 April 2021
That means we have to calculate interest for 3 months.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 April 2021
What's the date of deduction? Also what will be the date of payment?
ashu gupta
(accountant)
(56 Points)
Replied 30 April 2021
Date of deduction is Mar'21 and payment of TDS is 1st May'21
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 April 2021
I meant the DATE of deduction.Assuming the date of deduction to be 31/03/2021 and date of payment to be 01/05/2021:
No. of days delayed: 32 days (1+30+1)
Interest to be paid: 3%.
Lotus Agrawal
(Practice)
(1361 Points)
Replied 30 April 2021
In my opinion TRACES will calculate interest for 3 months. as per provisions of act.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 30 April 2021
Yes as calculation is based on number of months
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