Dear Friends,
Whether Interest on TDS is deductible on bill date basis or due date of payment basis. For example TDS is deducted on bill date 17.07.11 . But Tds paid on 18.08.2011 . Interest to be calculated for the month of august or for august & july. Please clarify my doubt
INTEREST ON tds TO BE DEDUCTED FROM THE DATE OF DUE DATE OF TDS
FOR EXEMPLE YOU HAVE TO MAKE THE PAYMENT FOR TDS FOR THE MONTH OF JULY TO 07/08/2011
SO IF YOU PAY ON 18/08/2011 SO INTERST WILL BE PAY FOR ONE MONTH
bill date is 17.7.2011 so due date to deposite tds is 7/8/2011, if you are not paid with in 7/8/2011 then 1% on deducted amount is interest you have to pay
interst will be 1.5% not 1%
yes at present 1.5% agreed with valji
| Originally posted by : valji | ||
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INTEREST ON tds TO BE DEDUCTED FROM THE DATE OF DUE DATE OF TDS FOR EXEMPLE YOU HAVE TO MAKE THE PAYMENT FOR TDS FOR THE MONTH OF JULY TO 07/08/2011 SO IF YOU PAY ON 18/08/2011 SO INTERST WILL BE PAY FOR ONE MONTH |
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agreed
for 10-11 previous year what is the interest rate, is it 1%
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