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Late payment of TDS Mar21


ashu gupta (accountant)     30 April 2021

ashu gupta
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What is the interest on late payment of TDS of Mar'21 in May'21??
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CMA Poornima Madhava

CMA Poornima Madhava (CMA)     30 April 2021

CMA Poornima Madhava
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Interest @ 1.5% pm or part of the month, from the date of deduction to the date of payment.

Sourav

Sourav (Student)     30 April 2021

Sourav
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1.5% Interest per month or part of month shall be considered from date of accruing to date of payment
ashu gupta

ashu gupta (accountant)     30 April 2021

ashu gupta
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That means we have to calculate interest for 3 months.
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     30 April 2021

CMA Poornima Madhava
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What's the date of deduction? Also what will be the date of payment?

ashu gupta

ashu gupta (accountant)     30 April 2021

ashu gupta
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Date of deduction is Mar'21 and payment of TDS is 1st May'21
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     30 April 2021

CMA Poornima Madhava
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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 Choudhary

Lotus Choudhary   30 April 2021

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In my opinion TRACES will calculate interest for 3 months. as per provisions of act.
Sourav

Sourav (Student)     30 April 2021

Sourav
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Yes as calculation is based on number of months
ashu gupta

ashu gupta (accountant)     30 April 2021

ashu gupta
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Yes, I think so. It will be for 3 months
Sourav

Sourav (Student)     02 May 2021

Sourav
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Yes you're right

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