Confusion!!!!! about interest on tcs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 Dear Experts,

I am confused to calculate interest on TCS.

For Example, I have made the following sales of Scrap in Feb14 month.

Transaction Date - TCS amount
1 feb 14 ------------- 2000
7 feb 14 ------------- 3000
8 feb 14 ------------- 4000
9 feb 14 ------------- 5000
11feb 14 ------------- 2000
12feb 14 ------------- 4000
15feb 14 ------------- 3000
28feb 14 ------------- 2000

We have deposited TCS on 9th Mar14. Kindly advice, how to Calculate interest on TCS on above Transaction.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 March 2014 Interest is to be charged from the date of COLLECTION to the date of DEPOSIT. Part of the month will be considered as FULL month.

For TCS collected on 1, 7, 8 & 9 interest will be for 2 months. - Rs. 420

For other dates the interest will be for one month. - Rs. 165

Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2014 Thank Siddhartha.
But We have received notices from TRACES. According to them, We have to pay 2 months interest for 11th to 28 Feb. Kindly Clear.

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