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Late payment of TDS Mar21
What is the interest on late payment of TDS of Mar'21 in May'21??
Replies (10)
Quick Summary
Interest @ 1.5% pm or part of the month, from the date of deduction to the date of payment.
1.5% Interest per month or part of month shall be considered from date of accruing to date of payment
That means we have to calculate interest for 3 months.
What's the date of deduction? Also what will be the date of payment?
Date of deduction is Mar'21 and payment of TDS is 1st May'21
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%.
In my opinion TRACES will calculate interest for 3 months. as per provisions of act.
Yes as calculation is based on number of months
Yes, I think so. It will be for 3 months
Yes you're right
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