Interest on tds
This query is : Resolved
05 September 2017
Dear All,
I have paid Rs.1,50,000.00 to an advertisement company on 04.05.2016. I had to deducted TDS @ 2% under 194-C, unfortunately couldn't deduct TDS on payment of Rs.1,50,000.00. During the audit our auditor has advised to deduct TDS on Rs.1,50,000.00 & deposit the same.
Now, I would like to know how Interest is calculated on above deduction if I issued debit note to the advertisement company on 31.03.2017. Will I have to deposit interest @ 1% for the period 04.05.2016 to 31.03.2017 & interest @ 1.5% for the period 01.04.2017 to 05.09.2017.Suppose date of TDS Deposit is 05.09.2017
Regards
Shoeb
I have paid Rs.1,50,000.00 to an advertisement company on 04.05.2016. I had to deducted TDS @ 2% under 194-C, unfortunately couldn't deduct TDS on payment of Rs.1,50,000.00. During the audit our auditor has advised to deduct TDS on Rs.1,50,000.00 & deposit the same.
Now, I would like to know how Interest is calculated on above deduction if I issued debit note to the advertisement company on 31.03.2017. Will I have to deposit interest @ 1% for the period 04.05.2016 to 31.03.2017 & interest @ 1.5% for the period 01.04.2017 to 05.09.2017.Suppose date of TDS Deposit is 05.09.2017
Regards
Shoeb
05 September 2017
Your calculation for interest on TDS is correct.
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