plaese check

This query is : Resolved

survesh (Querist)
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23 March 2009 dear sir
i have not paid tds for fy 2008-09 for period april 08 to feb 08 the amount of tds is rs 74695
interest rate for tds is 1% per month

so plaese check the interest calculated on the amount say is it right figure

tds april to feb rs 74695
due dt 7 of ech month
delays days 11 month

tds 74695.00
11% int 8216.00

total payable today is 82911.00

is it right

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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23 March 2009 This calculation is correct only if the above tax was deducted in April 08. You need to calculate separate interest for each tax deduction for each month

for example, you deducted 5000 TDS every month but did not deposited then interest will be calculated as below:

April 08 - 5000*11%
May 08 -5000*10%
June - 5000*9%

I think it will solve your problem.