10 July 2013
We deducted TDS on 30.6.2012 and paid it on 13.7.2012 with 1 month interest @ 1.5% and quarterly return filed on 15.7.2012. Now we received a Justification Report U/s. 200A of IT Act from TDS Centralized Processing cell, in that they calculated interest for 2 months. Please clarify me how they calculated this and if their calculation is wrong how we can seek rectification for that( under which section).
Interest is to be calculated for every month or part of a month comprised in a period, Any fraction of a month shall be deemed to be a full month The amount of tax, penalty or other sum in respect of which such interest is to be calculated shall be rounded off to the nearest multiple of one hundred rupees and for this purpose any fraction of one hundred rupees shall be ignored and the amount so rounded off shall be deemed to be the amount in respect of which the interest is to be calculated. One Day delay may charge you Interest @ 3 %
so deducted:- june 2013, count 1 july 2013. count 2
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