TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2010 I have not deducted the TDS on contract like security A/c (security graud)monthly payment to security agency Rs. 32353 for the month of Oct, Nov, Dec.and now I want to deposit the whole TDS (including the jan month on 5th Feb.2010. How much interst I hve to pay at what rate and what amount I should pay.
Sol. Is my answere is correct
Amount =32353 TDS OCT= 32353*2.06%=667
Nov= 667
Dec= 667
Total 2001

Interset 1% 20
Jan TDS 667
===============
Total 2687
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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 February 2010 Your answer is perfectly correct for Nov & Dec TDS But you forgotten to add Oct tds interest, interest on TDS is 1 % per month or part of the month so

667 2 13.34
667 1 6.67
667 OCT 3 20.01
Total Interest 40.00

Jan TDS no interest

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2010 what happen ed if TDS not paid for four month what interest rate should be charged

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 February 2010 E.Cess No need to deduct from 1.10.2009