How to calculate and allocate intrest

Interest on late deduction and late deposit of TDS/TCS is applicable at the rate of 1% and 1.5 % per month respectively.

- Here, 1% rate is applicable from the date on which tax was deductible to the date of actual deduction,
- 1.5% rate is applicable from the due date of deposit to the date of actual deposit.

The due date for depositing TCS is the 7th of next month

Due dates for depositing TDS as under :-

1. For non - government Deductors - 7th of next month (except for the month of March where the due date is 30th of April)

2. For Government Deductors -

a. If paid through challan - 7th of next month

b. If paid through book -entry -Same day i.e. the day on which TDS deducted

To allocate intrest and lete fees please follow the steps provided below:

Login at express tds Go to "Go to Challan View first" →Next → Tds Compution option given on return deshboard.

Now, check the Interest Liability detail for the respective Form Type

Now you have to click on the Interest Liability and select the challan and save it with which you want to allocate interest.

Hope this Helps

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