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All the major sections of TDS and interest on TDS at 1% & 1.5%

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)

13 February 2012

Dear Friends,

I have created an excel sheet for the computation of TDS and Interest u/s 201(1A).

I have tried my best to cover all the major points regarding the section 194 and interest u/s 201(1A).

And if I have made any incorrect formula then please do correct me.

Just see it once.

I hope this might be helpful to all the CCI members.

With Regards,

Kalpesh Chauhan

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5 Replies

CA. ANKUR JAIN (CA.....) (2800 Points)
Replied 13 February 2012

Inttt for late payment is 1.5% p.m.

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Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 13 February 2012

Originally posted by : CA. ANKUR JAIN
	Inttt for late payment is 1.5% p.m.

I know it brother but I have specifically mentioned that 1% is only applicable if the deductors has failed to deduct the tax.

You can select yes or no from the drop down list.

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 13 February 2012

Originally posted by : CA. ANKUR JAIN Inttt for late payment is 1.5% p.m. The liability to pay interest @ 1% arises only when the person who is liable to deduct on particular payment under relevant section but does not pay when the payment realised but deducts tax after the libility arises. And it is to be paid on the amount of TDS from the period it was deductible to the date on which actually deduction was made.

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 13 February 2012

Originally posted by : CA. ANKUR JAIN
	Inttt for late payment is 1.5% p.m.

The liability to pay interest @ 1% arises only when the person who is liable to deduct on particular payment under relevant section but does not pay when the payment realised but deducts tax after the libility arises. And it is to be paid on the amount of TDS from the period it was deductible to the date on which actually deduction was made.