Due date for TDS payment if 7th is Sunday

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  1. Manisha Bidikar

    Manisha Bidikar New Member

    Hello sir!
    My query is about due date of TDS payment.
    TDS deducted in the current month should be paid in the first weak of the next month.
    If the 7th of the month happens to be Sunday, as in this month, then is it o.k. to pay it on 8th of that month? or i have to pay interest on it? Tax was deducted on 02/07/16 and due to net problem, by the time payment was thru., it was past midnight , i.e. 08/08/16.
    Please tell me that if at all i have to pay interest, how do i calculate it, to avoid any further delay?
    Thanks, n Regards,
    Manisha Bidikar
  2. ZED

    ZED Well-Known Member

    Rule 30 of the Income Tax Rules does not provides for such an exception. Interest shall be payable @ 1.5% from the date on which such tax was deducted (02/07/16) to the date on which such tax is actually paid (08/08/16).

    [Even a part of the month is to be treated as a complete month]
    Therefore, the above period is covering 2 months.

    [It has been presumed that the tax has been deducted on due date. If not, then interest for late deduction @ 1% might be payable in addition to the above interests]
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