Any one tell me If we deduct TDS in a month & your have failed deposited TDS amount in next month then what will the interest rate & no. of month.
For example you deduct TDS in apr-13 & deposited tds in 10-May-13 then what will be interest rate & no. of month.
I am very confused.
HI, Mr. Jaiswal,
lot of members have confusion on that issue.
But as per my knowledge,
If we deducted TDS amount Rs-1000/- from the bill amount in 15-1-13. Due date for deposit of this is 7-2-13.
If these amount was paid on 8-4-13. then you have yo pay interest @ 1.5% p.m for 4 months.( The provision says, from the date of deduction to date of payment, pay interest @ 1.5% p.m(18% p.a) for delayed payment and 1% p.a (from the date of deductible to actual date of deduction) for non deduction of TDS. The provision also says if i day delay is also be consider as i month delay.) in give example interest on late payment of TDS was for 4 months i.e. Jan, Feb,Mar and April.)
if i'm wrong, please correct me........
CAclubindia
