TDS INTEREST

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aniket (Querist)
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26 May 2009 Dear All

How to Calculate interst on TDS,

If my TDS payable for the month of April Rs 149286/- Due Date 07/05/2009

Paid on 15/05/2009

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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26 May 2009 You need to pay interest @1% per month or part of the month. In this case the interest liability shall be 1493/-, i.e 1% of 149286/-.

aniket

aniket (Querist)
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26 May 2009 one of the expert clarifies that

149286 R Off 149300

149300*2/100= 2986 (april and may for late payment)

Rs 2986/-

which answer is right

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aniket

aniket (Querist)
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26 May 2009 if Tds has been paid late then interest will be applicable

from the date of deduction of TDS/date on which Tds is Deductible
To date of actual payment of TDS.

01.04.2009 to 01.05.09-One month.
02.05.2009 to 08.06.09-part of month =one month