How to calculate the Interest for delay in payment of TDS?

If any person who after deducting tax at source fails to pay, the whole or any part of the tax to the credit of the Government as per section 201, then that person will be liable to pay simple interest of  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.

How to calculate the Interest for failure to deduct tax at source?

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Special Discount on TDSMAN (FY: 2019-20)

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On popular demand, we are pleased to announce the release of TDSMAN (FY: 2019-20). Now you can prepare TDS Returns for Q4 of FY: 2018-19 and all quarters of the next FY: 2019-20:

It covers:

✔  All TDS Returns for FY: 2019-20
✔  All TDS Returns for FY: 2018-19
✔  Pending TDS Returns of earlier years, if any
✔  Online Filing
✔  Rectification of TDS Defaults

TDSMAN is packaged with advanced corrective and validation features that help you prepare zero error TDS Returns. Visit www.tdsman.com for more information.

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7th March – last date for TDS & TCS payment

Please note that 7th March, 2019 is the last date for TDS and TCS payments for the deductions made in February 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below.

Calculation of Late Payment Interest

Interest on Late Payment of TDS

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Sections under which interest for various delays/ defaults need to be paid

The sections under which interest for various delays/ defaults need to be paid are as follows:

  • Section 234A for delay in filing the return of income
  • Section 234B for default in payment of advance tax
  • Section 234C for deferment of payment of individual instalment or instalments of advance tax
  • Section 234D for excess refund granted to the taxpayer
  • Section 201(1A) for failure to deduct tax at source/delay in payment of tax deducted at source
  • Section 206C(7) is levied for failure to collect tax at source/delay in payment of tax collected at source
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