Tds late payment interest rate for march-2018

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Accounts
98 Points Posted on 08 May 2018

Sir,

We deduct TDS Amount Rs.46752/- on 30.03.2018. And Paid on 05.05.2018.

1) What is the current TDS Interest Rate ?

2) How many months want to pay TDS Interest ?

  My Workings as  46752 x 1.5% x 2 Months = Total Interest Rs.1402/-

It is correct ..?

 

Thanks & Regards,

M.Shanmugasundaram

 

 

 

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On 08 May 2018 at 16:55 Report
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Practicing CA
4900 Points Posted on 08 May 2018

interest is payable from the date of deduction to till the date of payment @ 1.5% per month of part of the month. 
46752*1.5%*3 months  

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On 08 May 2018 at 17:01
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Accounts
98 Points Posted on 08 May 2018

Dear Sir,

 

Thanks for your reply. Do you have any department notification for the above interest workings ?

Please share me.

Thanks & Regards,

M.Shanmugasundaram

 

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On 08 May 2018 at 19:57
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Tax return preparer
331 Points Posted on 08 May 2018

Mr. Shanmugasundaram..

Please read sectiion 201(1A) of Income Tax Act

 

Thanks,

Mahesh

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On 08 May 2018 at 21:30
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Accounts
98 Points Posted on 09 May 2018

Thank You Sir

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On 09 May 2018 at 14:02

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