21 February 2015
Can anybody calculate the TDS interest liability for this: TDS amount: INR 15000 Date of Deduction of TDS: 17/11/2014 Date of Deposit of TDS : 4/02/2015
21 February 2015
Interest payable for 4 months @ 1.5% per month works out to 6%. Rs 900 interest is payable.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
21 February 2015
Dear Sir,
As per Law ,interest at 1.5% for every month or part of month on the amt. of such tax from the date on which such tax was deducted to the date on which such tax is actually paid Thus we have deducted tds on 17/11/2014 and paid on 04/02/2015, the interest will be calculated as follows: 17/11/2014-16/12/2014 17/12/2014-16/01/2015 17/01/2015-04/02/2015 hence of 3 month
21 February 2015
The above calculation is not correct. It should be like this. 17/11/14- 30/11/14 1 month 01/12/14 - 31/12/14 1 month 01/1/15- 31/1/15 1 month 01/2/15- 04/2/15 1 month.