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TDS Interest


Darshit Rathod   22 July 2019

Darshit Rathod

 29 points

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I have deducted tds of a party on 31/03/2019 but payment is made on22/07/2019 then at what interest rate and how many month should be considered to calculate the interest???

avater

Rohit Gala (student)     22 July 2019

Rohit Gala
student 
 23 likes  163 points

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5 months; March to July.

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Darshit Rathod   22 July 2019

Darshit Rathod

 29 points

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but how you are considering march month

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ROWAN BR   22 July 2019

ROWAN BR

 5 likes  108 points

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if you fail to pay the amount, deducted month also liable to pay interest

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Darshit Rathod   22 July 2019

Darshit Rathod

 29 points

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but due date for paying is 30th april... so it should count 4 month

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ROWAN BR   22 July 2019

ROWAN BR

 5 likes  108 points

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if you fail to payment due. date is not applicable

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Darshit Rathod   22 July 2019

Darshit Rathod

 29 points

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then how interest is calculated

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Suresh Thiyagarajan (Student)     22 July 2019

Suresh Thiyagarajan
Student 
 251 likes  3956 points

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1. Sec 201 deals with the consequence of failure to deduct or pay TDS. According to sec 201(1A)(ii), any person who deducted TDS but fail to remit the same then Simple Interest @ the rate of 1.5% p.m or part of a month shall be payable from the date of deduction to the date on which such amount is actually paid. 
2. From the above reading it very clear that interest @ 1.5% p.m shall be charged from the date of deduction to the date when such amount of actually paid. 
3. In your case interest, @ 1.5% pm will be charged for 5 months (Mar - July) including the month of March (month of deduction). 
Please correct me if the above interpretation has an alternative view. 

avater

Suresh Thiyagarajan (Student)     22 July 2019

Suresh Thiyagarajan
Student 
 251 likes  3956 points

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1. Sec 201 deals with the consequence of failure to deduct or pay TDS. According to sec 201(1A)(ii), any person who deducted TDS but fail to remit the same then Simple Interest @ the rate of 1.5% p.m or part of a month shall be payable from the date of deduction to the date on which such amount is actually paid. 
2. From the above reading it very clear that interest @ 1.5% p.m shall be charged from the date of deduction to the date when such amount of actually paid. 
3. In your case interest, @ 1.5% pm will be charged for 5 months (Mar - July) including the month of March (month of deduction). 
Please correct me if the above interpretation has an alternative view. 

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