TDS ON ADVANCE PAYMENT MADE TO THE CONRACTOR

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Service
11 Points Posted on 04 June 2022

I HAVE MADE ADVANCE PAYMNET TO THE CONTRACTOR IN THE MONTH OF APRIL 2022 BUT NOT DEPOSITED TDS AMOUNT @ 2% ON IT. NOW I AM DEPOSITING TDS AMOUNT IN THE MONTH OF JUNE 2022 BEFORE 7TH. WHAT WILL BE PENALTY/INTEREST I HAVE TO PAY ON IT? KINDLY SUGGEST WITH THE EXAMPLE FOR THE SAME.

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On 04 June 2022 at 16:18 Report
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Quick Summary
This discussion addresses the penalties and interest incurred for late TDS deposit on advance payments made to contractors. The user paid an advance in April 2022 but is depositing the TDS in June 2022. The consensus is that interest at 1.5% per month will be applicable for the delay.

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Chartered Accountant
86505 Points Posted on 04 June 2022
You have to pay interest @ 1.5% for 3 months.
3 Reply
On 04 June 2022 at 20:00
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Student
4042 Points Posted on 04 June 2022
Interest is p.a. or p.m
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On 04 June 2022 at 20:01
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GST Consultant
15986 Points Posted on 04 June 2022

It is per month ...............

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On 04 June 2022 at 21:16
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Profession Business
28246 Points Posted on 05 June 2022
Pls post actual dates.
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On 05 June 2022 at 05:30

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