23 April 2008
if i m late to pay my TDS and now i want to pay then how i calculate my interest amount. what is the interest rate.
suppose last date of payment is 7th of next month and payment made on 12th of same month and payable is Rs.5000 then the interest paid on that is Rs.416.67 (roundoff 417) i am right
23 April 2008
SIMPLE INT.@1% P.M FROM THE DATE TDS IS DEDUCTIBLE TILL DATE ON WHICH IT IS ACTUALLY PAID. ASSUME TDS IS DEDUCTIBLE ON 15 TH. APRIL AND IT IS ACTUALLY DEPOSITED ON 12 TH MAY . SIMPLE INT @1%P.M ON TAX OF RS. 5000 IS RS. 50/ R.V.RAO
CAclubindia
