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Tds deposited in which basis

Dhawal Jaiswal (Accountant) (34 Points)

30 August 2013

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.

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A.JAGADEEP (ARTICLE STUDENT) (151 Points)
Replied 31 August 2013

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........