Interest calculation for late payment of tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2012
Dear Sir
I deducted TDS on 4/10/2011 and deposited on 08/12/2011. Plz. tell me default month is 3 month or 2 month and please provide me the calculation of Interest & Interest on Interest.
I will be highly obliged to you.
Warm Regards
Deepak
I deducted TDS on 4/10/2011 and deposited on 08/12/2011. Plz. tell me default month is 3 month or 2 month and please provide me the calculation of Interest & Interest on Interest.
I will be highly obliged to you.
Warm Regards
Deepak
10 December 2012
Charging of Interest u/s. 201(1A) of the Act.
1% p.m. or part of the month on the amount of such tax from the date on which it was deductible to the date on which it is deducted.
1.5% p.m. or part of the month on the amount of such tax from the date on which it was deducted to the date on which it is actually paid.
1% p.m. or part of the month on the amount of such tax from the date on which it was deductible to the date on which it is deducted.
1.5% p.m. or part of the month on the amount of such tax from the date on which it was deducted to the date on which it is actually paid.
10 December 2012
No. of months for default
2 months 4 days. 4 days will be converted into 1 month.
Therefore you have to pay interest for 3 months @ 1.5% p.m.
2 months 4 days. 4 days will be converted into 1 month.
Therefore you have to pay interest for 3 months @ 1.5% p.m.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 December 2012
Thankyou Sir
but if I deducte TDS on 10/10/2011 then the deault month is for 2 month or 3 month.
but if I deducte TDS on 10/10/2011 then the deault month is for 2 month or 3 month.
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