How to calculate and allocate Interest

How to calculate and allocate Interest

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.
  1. Here, 1% rate is applicable from the date on which tax was deductible to the date of actual deduction,
  2. 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 



    • Related Articles

    • TDS - Interest Calculation

      How to calculate interest on late deduction and deposit in e-TDS Software  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 ...
    • Interest Calculation - If challan paid via book entry

      Interest Calculation - If challan paid via book-entry TDS Payment Due Date  - If paid via book-entry- the same day on which TDS is deducted,  When a part or whole amount of TDS is not paid then 1.5% per month interest is subject to TDS/TCS amount ...
    • Express TDS - FORM 27EQ for TCS RETURN

      Express TDS - FORM 27EQ for TCS RETURN Form 27EQ refers to the quarterly statement of TCS that reflects the details of the TDS u/s 206C of the Income Tax Act of 1961. It can also be called as the statement that furnishes the Tax Collected at Source ...
    • Express TDS- Correction process for TDS return

      Express TDS- Correction process for TDS return Process for offline correction for 24Q, 26Q, 27Q & 27EQ from TDS software >> The Correction from TDS software can be processed once you have the Consolidate file (.tds File). Select Respective Deductor , ...
    • Express TDS - Deductee/employee master import from excel

      Express TDS - Deductee/employee master import from excel  Step 1 - Go into deductee master and click on import deductee  Step 2- Now click on "downlaod excel template " Enter detail in excel template  you are required to browse the excel file  from ...