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TDS
Direct Taxation
if TDS of 540 deducted on 21st Feb 2023 and paid to government on 08th Mar 2023 , Calculate Interest with explanation
Answers (5)
MARADANI BHANU PRAKASH
NO INTEREST BECAUSE IT IS PAID TO THE GOVERNMENT WITH IN TIME (By 15th mar)
BY 7TH MAR. THERE WILL BE INTREST OF 1.5% p.m ₹0.27 (540x1.5%x12x1/365)
(Updated)
Tax deducted during the month of April to February should be paid to the credit of the Government on or before 7 days from the end of the month in which the deduction is made. Interest shall be levied at 1.5% for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax was actually remitted to the credit of the Government. i.e 1.5% for every month (even if its delayed for 1 day or 30 days) for every month that falls between the date of deduction to date of payment so in this case Feb and March. Hence interest ₹16.2(540x1.5%x2 )
Thread Starter
Sai VemaBut TDS Calculator is showing like thsi
1.5% per month and 2 months Feb and Mar considered between "from the date on which such tax was deducted to the date on which such tax was actually remitted "
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