Whether TDS is to be deducted on interest to be paid to builder for late payment of instalments/ dues?
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TDS on delayed payment
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Yes, if such payment is interest in nature, tds u/s 194A is to be deducted
Under Section 201(1A), in case off late deposit of TDS after deduction, you have to pay interest. Interest is calculated at the rate of 1.5% per month from the date on which TDS was deducted to the actual date of deposit. Say that your payable TDS amount is Rs 5000 and the date of deduction is 13th January.
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