Procedure for Calculating Interest & Late Fees

ExpressTDS || Procedure for Calculating Interest & Late Fees


1. Late Filing Fee Calculation

Statutory Due Dates

  1. TDS must be deposited by the 7th day of the following month.
  2. For the month of March, the due date for TDS deposit is 30th April.

Applicable Penalty

  1. A late filing fee of ₹200 per day is levied for delays in submitting the TDS return.
  2. The total fee shall not exceed the amount of TDS deductible.

Steps to View Late Filing Fee Calculation

  1. Access the Deductor Master:
    1. Select the relevant company/deductor from the list.
    2. Navigate to the Return Summary section.
    3. Choose the applicable return.
  2. View the Selected Return:
    1. Click on the ‘View’ button for the chosen return.
  3. Open the Computation & Health Section:
    1. Select the ‘Computation & Health’ tab.
                  
  1. View Late Fee Details:
    1. Click on the ‘Late Fee’ option to review the calculation.
                  

2. Interest on Late Deduction

Interest Applicability

  1. If TDS is not deducted on time, interest is charged at 1% per month or part thereof.
  2. This applies for the period from the date TDS was deductible to the actual date of deduction.

Steps to View Late Deduction Interest

  1. Navigate to the ‘Computation & Health’ section.
  2. Click on ‘Late Deduction Interest’ to access the details.
      
  1. Select ‘View’ to see the detailed interest computation.
      

3. Interest on Late Deposit

Interest Applicability

  1. If TDS is deducted but not deposited on time, interest is charged at 1.5% per month or part thereof.
  2. This interest is calculated from the date of deduction to the actual date of payment.

Steps to View Late Deposit Interest

  1. Go to the ‘Computation & Health’ section.
  2. Click on ‘Late Deposit Interest’ to proceed.
      
  1. Select ‘View’ to examine the detailed calculation.
      

By following the steps outlined above, users can efficiently and accurately compute applicable interest and late filing fees using the ExpressTDS application.

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