LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Tds interest

NIKUNJ SHAH (article) (75 Points)

09 July 2014

if tds is deducted on 30/04/14 and challan is paid on 5th July 2014, then for how many months interest will be calculated. please reply as soon as possible. thanx in advance.

Reply
Follow
Share

2 Replies

DINU SUKUMAR (Audit Manager) (176 Points)
Replied 09 July 2014

Interest on late payment of deducted tds is 1.5% p.m.

CA Pooja Sharma (Chartered Accountant) (192 Points)
Replied 09 July 2014

For delay in deposit of TDS , Interest wiil be charged from date of deduction till actual date of payment at the rate of interest of 1.5% p.m .Any fraction of a month shall be considered as full month.

In the given case interest shall be calculated for 4 months

(i.e. 30-04-14 to 05-07-14).