Interest on tds

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Anirudha (Querist)
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06 September 2012 Hi

if the TDS deducted for the month of July and it should be deposited 7th of Next month (Aug 7th), But we had deposited TDS 10th of Aug. PLease tell me what is interst rate to deposit interest X how many month to be calculated.

Regards
Anirudh

CA Navin Jain

CA Navin Jain (Expert)
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06 September 2012 INTEREST WILL BE CALCULATED FOR TWO MONTH

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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06 September 2012 At one and one-half per cent. for every month or part of a month on the amount of such taxfrom the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.”.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 September 2012 Rate of interest 1.5% per month or part thereof. Since one month crossed interest have to be paid for two months. Note if TDS was deducted after 10th July in that case interest to be paid for 1 month as the TDS deposited within 10th Aug i.e, before the lapse on 1 month.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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06 September 2012 YES AGREE WITH ABOVE EXPERT...

Anirudha

Anirudha (Querist)
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06 September 2012 Thanks all of you, for your advice