T.d.s interest calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2013 Dear all,

I'm deducted t.d.s on 02.09.2013, but not yet deposited by bank so how much month interest should be calculated if i paid in this month please reply.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 December 2013 Interest to be paid for 4 months @ 1.5% per month. I.e.. 6% of the TDS Amount.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 December 2013 The months involved are -
Sep
Oct
Nov
Dec.
So, pay interest for 4 months.
.
File e-TDS return immediately for Q2.
.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 December 2013 Practical Suggestion-
.
Pass the TDS JV as on the date of challan and show the date as date of deduction.
.
In such a case you may save Late fee U/s 234EE.
.

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 thanks for reply.. but i had calculated only two months interest & paid yesterday..what i should do now?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 December 2013 Pay the interest for remaining two months through separate challan at the earliest.

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 but i have query..if i had deducted t.d.s in sept month then why should i consider sept month for interest? please reply

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 December 2013 Interest is calculated from the date of deduction till date of payment.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 i'm satisfied with your ans, as it is how much interest should be taken oct month t.d.s.? is it 3 months or 2 months or 1 months?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 December 2013 Oct, Nov, Dec - 3 months interest is required to be paid.
.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 December 2013 To know in details about how to calculate period of default and interest, see below link. The same is discussed at length.

https://www.caclubindia.com/experts/tds-577865.asp