12 August 2010
Sir The department give payment contractor 22.1.2010 and deducte tds 22.1.2010. The depart. deposit tds in bank 5.2.2010. How to interest calculate .
12 August 2010
Payment is made in jan and tds deducted also deducted in JAN i.e Due date id 7th FEb 2010, TDS deposited in bank 5th Feb ie before due date. No need to pay interst
12 August 2010
There is no interest applicable as the TDS has been paid before due date.
However, if only the credit to contractor has been made at an date, before 01/01/10, then only interest will be applicable. If it is so, provide the credit date.
CAclubindia
