Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2012 If tds deducted 10% instead of 20% in FY 2010-11, then tds interest for short deduction of tds is considered 1% or 1.5% because this 10% related to april 2010, at this time tds interest rate is 1%.and also books entry is 10% tds deducted If now i pay 10% now how i can calculate interest rate bcz this entry related to before july 2010.

Thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 February 2012 Interest on delayed payment of TDS 1.50% per month or part of the month apply only you deducted TDS and not paid to Govt with in due date.
but this case you are not deducted 10% balance, now only deducting so you can pay only 1% per month interest