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Tds queres

Arvind Singh Mehra (Account Manager) (38 Points)

08 June 2012

My March,2012 TDS Liablites is Rs. 5000/- and i deposte the TDS 25 June 2012. So suggest me what is rate of interest

on TDS

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13 Replies

(Guest)

1.25% per month

you have to pay tds for the month within 7 days of next month ( jan 2012 - upto 7 feb 2012)

but for the month of march the due date is 30 april.

so you have to pay the interest for 2 months @ rate of 1.25%.

Shankar Reddy.V (Tax consultant) (81 Points)
Replied 09 June 2012

Interest payable is 1.5% per month for late payments

(Guest)

Originally posted by : gaurav kelkar
	1.25% per month you have to pay tds for the month within 7 days of next month ( jan 2012 - upto 7 feb 2012) but for the month of march the due date is 30 april. so you have to pay the interest for 2 months @ rate of 1.25%.

Kindly note Interest is payable on late deposit of TDS is at 1.50% only (in the case TDS deductible but not deducted 1.00%pm and in the case TDS deducted but not deposited 1.50%pm) so take the effect accordingly. Regards

MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 09 June 2012

Since ur TDS liability arised during March,2012 TDS was to be deposited till 30th April 2012 (due date).

Interest liabilty would be as under:-

1) If you have already deducted TDS before 30 th April and not paid within due date then 1.5% for every month or part of month from the date of deduction to the date of deposit to government.

2) If you have failed to deduct TDS by the due date then 1% for every month or part of month from the date on which TDS was deductible to the date of actual deduction PLUS interest liabilty of (1).