Please Help: interest on tds payable
Posted Date : 10-May-2012 , 04:41:40 pm | Posted By: Abha
Category :
Accounts | Answers :
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Comments :
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please tell me about the number of months to be taken for interest , if i pay it on 12 may. is it 1 or2 months |
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Answers:
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 Answer by: Rishabh Upadhyay |
| Hi abha, please provide complete information as to which is the month for which this TDS belongs, In case the tds was deducted for the month of April, then interest will be for one month
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| Answer by: CA Richa Gupta |
| abha it seems u are making pymt of tds for apr mnth, thn u hav to pay intt for 1 month.
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| Answer by: CA VIKAS JAIN |
| TDS deducted during the month should be deposited on 7thof the fallowing month of deduction. if not deposited by 7th then you have to pay interest for month or part of the month. for example, you hav deducted tds in april then you should deposit the same by 7th may, but if you deposit on 8th may or 12th may then you have to pay interest for the 1 month.
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| Comments |
| Posted By : CA Sanjay Mangal |
16-May-2012, 09:06:20 |
| Hi abha, this is depends on the date of deduction. Interest is payable from the date of deduction. Every part of the month is treated equal to full month. Example: Deduction date- 02 april. deposit date 12 may. Interest payable for 2 months.If tax deposited within due date, than no interest payable (i.e. upto 7 may. If deduction date is 15 april, deposit date 12 may, than interest payable only for 1 month. |
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| Posted By : |
10-May-2012, 05:25:01 |
| HELLO ABHA,
PROVISION FOR DEDUCTION AND PAYMENT OF TDS IS
1% INTEREST IS CHARGED FROM THE PERIOD OF MAKING PAYMENT TO DEDUCTION OF TDS
AND 1.5% INTEREST IS CHARGED FROM THE PERIOD OF DEDUCTION TO DATE OF PAYMENT
NOW IF U MAKE PAYMENT ON 5TH APRIL AND DEDUCT TDS ON SAME DATE INTEREST SHALL BE CHARGED @ 1.5% FROM 5TH APRIL TO 12TH MAY THAT MEANS FOR 2 MONTHS.
FURTHER IF U MAKE PAYMENT ON 5TH APRIL AND DEDUCTE TDS ON 25TH APRIL INTEREST SHALL BE CHARGED @ 1% FROM 5TH APRIL TO 25TH APRIL I.E FOR ONE MONTH AND @ 1.5% FOR THE PERIOD FORM 26TH APRIL TO 12 TH MAY I.E FOR 1 MONTH |
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