Deposit late payment interest @ 1.5% per month or part of the month from the date of deduction till date of deposit.
Procedure for calculating Late Payment:
Amount Paid / TDS Deducted(Rs.) TDS Deposited(Rs.) TDS Credit Allowed to the
Credited(Rs.) Extent of Available Balance(Rs.)
100000.00 10000.00 5000.00 4000.00
Interest Calculation
Date of Due Date for Date of Deposit Period of Delay
Deduction TDS Deposit as Per OLTAS in Months
(dd-mmm-yyyy) (dd-mmm-yyyy) (dd-mmm-yyyy)
4-Mar-2012 30-Apr-2012 7-May-2012 3 3 months
Interest on Late Payment U/S 201 Calculation
No. of months in Defaults = 3 i.e., Mar-12 to May-12
4000*1.5%*3(Months) =180.00