TDS PAYMENT

[Asked by Guest]

Dear Sir,

I have to pay one TDS payment for yr 31 MAR 2014 and my question is

1) How do Calculate Interest on TDS the amount is ₹ 3849/-

2) Can I revise TDS on today for Q 4 mar AY 14-15.

[Ganeshan Kalyani]

Interest @1% be levied for every month or part of a month for delay in deduction of tax and 1.5% for every month or part of a month for delay in remittance of tax after deduction. yes you can revise TDs return.

AI Summary

TDS interest on delay applies for late deduction and separate higher interest for late remittance; TDS returns may be revised.
Delay in compliance with Tax Deducted at Source obligations attracts two distinct interest liabilities: interest on delayed deduction charged monthly (or part-month) where tax is not deducted when payable, and a higher interest on delayed remittance charged monthly (or part-month) where deducted tax is not deposited with the government; interest accrues for each month or part of a month and TDS returns may be revised to correct reporting.