Babu P (Student) (85 Points)
28 July 2013Hi
Please help me how calculate interest for TDS late depost.
We deducted TDS on 15th JAN 13 but still we have not deposited we are planning to depost on 29th JUL 13, so I wants to know what is the current interest rate and how to calculate.
Plase guide me soo as it is already delayed.
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 28 July 2013
Month of Deduction - Jan 13
Month of Payment July 13
No of Months from Date of Deduction to Date of Payment - 7 Months
Rate of Intertest 1.5%
Hence if 100 is tds then interest is 100 * 1.5 /100 * 7
sanjay singhal
(CA)
(987 Points)
Replied 28 July 2013
CAclubindia
