SimpletoUnderstandTDSInterest
You would be required to file the interest Under Section 201(1A), in case of a late deposit of TDS after deduction. A 1.5% per month interest would be computed from the date on which the TDS was deducted to the actual date of deposit. The same would be computed on the monthly grounds and not on the number of days i.e. part of the month would be acknowledged as a whole month.
WhatareLateFilingFeesinTDS?
An individual who would be needed to deduct/collect TDS/TCS would be obligated to file a fine of Rs 200 per day unless the TDS return would get filed, under Section 234E.
TDS deductor will be obligated to file the same for every day of delay unless the fine amount would be identical to the amount that you are needed to pay as TDS.
Step-by-StepProcesstoCalculateInterest&LateFeesUsingGenTDS Software
Step 1:- First Install Gen TDS Return Filing Software on your Laptop and PC.
Step 2:- Select the Form like 24Q or 26Q of which you want to check the Interest or Late Fee Payment.
Step 4:- Click on Report/ Forms as shown in the image below.
Step 7:- For Late Fee Calculation double click on Original Statement.
Step 8:- Click on Modify Challan and then click on Calculate Late Fee to calculate the Late Fee.
