24 January 2015
Payment dt 30 Jul 2014 & Due date 07 Aug 2014. Actual deposit 07 Jan 2015. How to calculate interest ? How many months will it be delayed?
24 January 2015
No, the interest is calculated from the date on which deduction was made to the date of actual payment. Part of the months is for Jan only. int.@1.5% for 6 months.
24 January 2015
if there is no deduction no need to pay interest for late payment. That's why law specifically mentioned from the date of deduction. so from July 30 th only.
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