06 January 2014
i want to know the amount of interest to be deposited in case the date of deduction is 30-11-2013 and deposition date is 9-12-2013. amount of tds deposited is 2340.
06 January 2014
Interest = Amount deposited * rate of int @ 1.5% for each month
Thus int will be 2340*3%= 70
Int is calculated from the date of deduction to the date of date of deposit.
If a single day is covered in a month, then the interest liability will arise on whole month. Thud you have to pay int for both nov and dec, which equals to 3% at the rate of 1.5% per month
CAclubindia
