Tds deducted but not deposited

interest is payable @ 1.5% for month or part of month for delay in depositing tds to govt a/c.

in your case interest is payable for 4 months i.e. april to july

even a single day would constitute one month.

hope your query is solved

DEAR,

You have deducted TDS on 04th April, 2013 so your due date was 07th may, 2013 but till date you have not deposited the same and hence your will be liable for Interest of 1.5%pm as per section 201(1A) of income tax.

In your case you have delayed for MAY, JUNE and JULY month so you have to pay 3 month delay interst @ 1.5% Per Month.

Best of luck.

(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—

(i)  at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and

(ii) at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid,

From the section 201(1A)(ii) it is very clear that interest is payable from the date TDS was deducted and till the date it is paid.

Hence it is four months.

1.5% FOR 3 mONTHS...April,May& June

please deposit 4 months intrest otherwise u will surely get income tax notice for short deposit intrest .

In this case you need to pay interest for 4 months @ 1.5% per moth.

Hello everyone,

In above query tds was to be deposited on or before 07/05/2013. If not deposited, interest due starts from 08/05/2013, means from may 13. So accordingly Interest should be for 3 months @ 1.5%( may, june, july). Please clarify why everyone above are saying interest for 4months??

Interest will be calculated from the date of transaction to till its deposited.

part of month will be calculated for month only. hence in this case 4 months @ 1.5% interest will be applicable

TDS  Deducted in the month of April is due for payment in the month of May. Hence interest is payable for the months of May,June,July only. That is for 3 months only...

Interest on TDS is payable for 4 months i.e.from the the date of deduction to the date of payment @ 1.5% --April to July

100% 4 months as section 201(1A) clearly states the words "from the date on which such tax was deducted" .

The interest rate  for the late deposit  is 1.5% Per month or part of month from the date on which tax is deducted to the  date of payment . In the present case ,  u will have to pay interest For 4 months . 

In the above case if compnany deduct TDS on commisssion for the AY 2013-14 but not issue any TDS certificate and no TDS is deposited yet. In this case what should i do? Can i claim for TDS in my IT return for AY 2013-14? There is nil TDS in my 26AS. Today 31/07/2013 is last date for filling of  income tax return and if i delay in filling than can i claim for such TDS?