Tds - late payment

Downloaded the following Justification Report from TRACES.

Is the interest calculation correct ?

Should not the Interest be for 1 month only.

Sr. No. Data From Statement Processed Data
CD Serial No.
[401]
DD Serial No.
[412]
Deductee Reference Number
[413]
PAN of Deductee
[415]
  Amount Paid / Credited
(Rs.)
[419]
TDS Deducted
(Rs.)
[420]
TDS Deposited
(Rs.)
[421]
TDS Credit Allowed to the Extent of Available Balance
(Rs.)
Interest Calculation
Name of Deductee
[416]
Date of Deduction
(dd-mmm-yyyy)
[422]
Due Date for TDS Deposit
(dd-mmm-yyyy)
Date of Deposit as Per OLTAS
(dd-mmm-yyyy)
Period of Delay in Months
(Col 16 - Col 14)
Interest on Late Payment U/S 201 (1A)
(Rs.)
(Col 13 * 17 * 1.5%)
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
1 1 1 null AxxxxxxxxN Axxx xxxxxx LIMITED 161473.00 16147.00 16147.00 16147.00 30-Apr-2012 7-May-2012 9-May-2012 2 483.00
            Total               483.00

 

Replies (2)

Dear Ashish,

 

TDS Interest month calculation:

ie., 30.04.2012 to 29.05.2012 is one month, the payment was made on 09.05.2012 so one month interest is applicable.

Dear Ashish,

if you have delayed in paying the tax liability then the delay period will be calculated from the date of deduction to the date of payment but since the period is less than one month, Only one month interest is applicable

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