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

CA Manish

CA Manish (Expert)
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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.

CA Manish

CA Manish (Expert)
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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.

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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.