07 August 2010
sir int. of late payment of tds.supoose i want to deposit it date 9. than sir how much int. add in my amt. ex. my tds for the month of july 5000, than sir plz tell me how much int. in my amt. regards rajiv
07 August 2010
you need to calculate the interest rate @ 1.50 permonth or part of month from the date of deduction to date of payment so you need to calculate 1.50% interest if you paid 9th instead of 7th
07 August 2010
As you have deducted tax but failed to deposit it within the due date, you have to pay interest @ 1.5% per month for delay in remittance.
As per law interest rate @ 1.50 per month or part of month from the date of deduction to date of payment. So why TDS should not be calculated for 2 months i.e. 1.5% for July and 1.5% for august.
07 August 2010
Agreed...Thanks for the correction Mr. Sanjay.
While calculating period for interest on late deposit of TDS, period prescribed for making payment to the credit of Central government is not to be excluded.
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