Interest on tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 February 2013 A TDS deducted till Dec 2012 was deposited on 21st Jan, 2013 instead of due date 07th Jan, 2013.
What is the amount of Interest.

Thanks in advance

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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13 February 2013 The amount to be answered in figure is not possible as you have not provided the details

but you can calculate the Interest as shown below
The Interest need to be calculated based on each Transactions
i.e
if there are suppose 2 Transctn
1. TDS deducted on TR-Dated 12/12/12
2. TDS deducted on TR-Dated 21/12/12

Therefore Interest will be calculated on TR Basis
1. Date of Deduction is 12/12/12
2. Date of deduction is 21/12/12

and payment Date for both is 07/01/13
Interest will be

1. TDS Amount X 1.5% X 26/30

2. TDS Amount X 1.5% X 17/30

CA Prashant Gupta

CA Prashant Gupta (Expert)
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13 February 2013 don't agree with CA Sourabh Sethia

interest rate is 1.5%
But
interest will be calculated from date of deduction to actual deposit date

So if deduction date is 12/12/12 then interest will be on 1.5% x 40/30

if deduction date is 21/12/12 then interst will be on 1.5% x 31/30

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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15 February 2013 oh yes i have not seen the date of payment
go with Prashant Sir