Interest on delay in payment of tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2012
Dear Sir,
Please tell me that what is the rate of Interest on delay in payment of TDS for the financial year 2010-11 and 2011-12 and what is the method of calculation of such interest.
Please tell me that what is the rate of Interest on delay in payment of TDS for the financial year 2010-11 and 2011-12 and what is the method of calculation of such interest.
18 April 2012
Prior to July 2010, the rate of interest on delayed payment of TDS was 1% p.m. and after 01st July 2010 it is 1.5% p.m.
18 April 2012
Agree with expert. But it is 1.5% pm or part there of. The mode of calculation is as below:
Assume you deducted tax on 10th Jan but remitted on 9th jan i.e. after due date, then interest is for only one month. But if u have remitted TDS on 11th jan, then interest is for 2 months.
Assume TDS delayed is Rs. 1,000, then interest is Rs. 1,000 * 1.5% * 2 months = Rs. 30.
Assume you deducted tax on 10th Jan but remitted on 9th jan i.e. after due date, then interest is for only one month. But if u have remitted TDS on 11th jan, then interest is for 2 months.
Assume TDS delayed is Rs. 1,000, then interest is Rs. 1,000 * 1.5% * 2 months = Rs. 30.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2012
thank you sir
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