what will be the TDS Interest
Querist : Anonymous
and Interest is payable foe 1 month delay @1.5% p.m.
Querist : Anonymous
THANKS SIR
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So Interest Payable would be Rs.1215/- in your case.
Querist : Anonymous
please can you explain me in detail with date from which it has to be calculated.
Thnks Its very urgent.
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It reads as under :
.
.....after deducting fails to pay the tax as required......it shall be liable to pay simple interest :
.
( i ) ......
.
( ii )at one and one-half per cent for
every month or PART of a month on the
amount of such tax FROM THE DATE ON WHICH
SUCH TAX WAS DEDUCTED TO THE DATE on which
such tax is actually paid.
.
.
See the words are FROM THE DATE ON WHICH such tax was deducted.
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It means : Date of Deduction is 31 03 2011. So when you made delay, the penal provisions start from 31 03 2011 which means for a single day's delay, you have to pay interest for whole of the month.
.
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So now in your case you have to pay tax for FOUR MONTHS which comes to Rs. 1620/-.
.
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Many assessees were paying taxes only for one month upto 31 05 2011.
.
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What majority do; may not be correct. It is not a matter of voting !
.
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If you could pay the tax upto 30 04 2011; then you could pay it without interest, but not now.
the period should be 2 months and not four months since TDS is paid on 31.5.2011.
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Please see my above reply.
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I wrote on 01 06 2011 presuming that TDS is still not paid hence one more month's interest is payable.
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