The default amount will have to be deposited through challan no 281 by ticking minor head '400'. Download conso file from TRACES for filing correction and update the challan detail. While filing correction, fill up interest amount in column no. 403 in Form 26Q, column no. 304 in Form 24Q, column no. 705 in Form 27Q and column no. 655 in Form 27EQ. Mention default interest amount in second last interest column in challan detail of conso file. (Refer e-tutorial - https://www.tdscpc.gov.in/en/download-nsdl-conso-file-etutorial.html).
Deposit late payment interest @ 1.5% per month or part of the month from the date of deduction till date of deposit.
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 / Credited (Rs.) | TDS Deducted (Rs.) | TDS Deposited (Rs.) | TDS Credit Allowed to the Extent of Available Balance (Rs.) | Interest Calculation | ||||
|---|---|---|---|---|---|---|---|---|
| Date of Deduction (dd- mmm- yyyy) | Due Date for TDS Deposit (dd- mmm- yyyy) | Date of Deposit as Per OLTAS (dd- mmm- yyyy) | Period of Delay in Months | Interest on Late Payment U/S 201 (1A)(Rs.) (Col 4 * 8 * 1.5%) | ||||
| 100000.00 | 10000.00 | 5000.00 | 4000.00 | 4-Mar-2012 | 30-Apr-2012 | 7-May-2012 | 3 | 180.00 |
| Total | 180.00 | |||||||
Calculation
No. of months in Defaults = 3 i.e., Mar-12 to May-12
4000*1.5%*3(Months) =180.00
You have to deposit late deduction interest @ 1% per month or part of the month from the date of payment / credit to deductee till date of deduction.
4000*1.5%*3(Months) =180.00
You have to deposit late deduction interest @ 1% per month or part of the month from the date of payment / credit to deductee till date of deduction.
Procedure for calculating Late Deduction:
| Amount Paid / Credited (Rs.) | TDS Deducted (Rs.) | Interest Calculation | ||||
|---|---|---|---|---|---|---|
| Date of Payment(dd-mmm-yyyy) | Due Date of Deduction(dd-mmm-yyyy) | Date of Deduction(dd-mmm-yyyy) | Period of Delay in Months | Interest on Late Deduction U/S 201 (1A)(Rs.)(Col 2 * Col 6 * 1%) | ||
| 100000.00 | 10000.00 | 3-Mar-2012 | 3-Mar-2012 | 4-Mar-2012 | 1 | 100.00 |
| Total | 100.00 | |||||
Correct Calculation
No. of months in Defaults=1 i.e., 3-Mar-2012 to 4-Mar-2012
10000*1%*1(Months) =100.00
'Deductor can file a correction statement, delete the amount from 'Other' column and mention interest amount in interest column no. 403 in Form 26Q, column no. 304 in Form 24Q, column no. 705 in Form 27Q and column no. 655 in Form 27EQ. You also need to mention demand amount of interest in second last column of interest in challan details.
