28 January 2008
Rs.10000/- paid tds on commission as on 05/11/07. on that till date tds not deducted. now, we deduct tds on that, how much interest to be paid?
Rs.10000*10.3% = 1030 Rs.10000*1%(penal interest per month)*2.5(two months, 15 days) = 250 Total Rs.1030+250=1280 (or) Rs.1030*1%*2.5=25.75/- Total Rs.1030+25.75=1055.75/-
interest calculated on payment amount or tds amount? pl. carify sir urgent
28 January 2008
under income tax act interest is calculated on monthly basis so you will pay whole months interest if payments are made late by five days and interest is paid when you will deduct tds from the following month
CAclubindia
