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Interest on tax payable

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(Querist)
25 August 2012 HI,

Total tax liability is Rs.406209/- Out of which TDS deducted is Rs. 268651/- and balance is payable.

How to calculate the interest on Rs. 137558-/ till date.

Thanks & regards.
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Narasimha

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Narasimha (Expert)
25 August 2012 @ 18% of Interest PA

Formula is ((Due amount * 18%)/12)*No.of Months Interest Due

If you have 15 months Interest due

formula like = ((137558*18%)/12)*15
Interest due by you is = Rs 30,951/-

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