L KANAGARAJ (Assistant Manager-Finance) (615 Points)
07 January 2009Sirs,
Please guide me regarding
If we accounted the Bill On 20.11.08, that bill contains TDS amount Rs. 12,024/-.
The actual TDS payment date is 07.12.08, but we made mistake and not paid on due date.
If we pay that amount on 07.01.09 what is the interest amount to pay and what is the current rate of interest.
Further , from which date the interest has to be calculate?
AkKi G
(Chartered Accountant)
(35 Points)
Replied 07 January 2009
Dear Friend,
In this case interest on TDS amount will be 1% p.m. and you have to pay the interest for 1 month only in this case.
Indrajit Mondal
(Service)
(142 Points)
Replied 07 January 2009
Dear
rate of interst is 1% per month for late payment of TDS.
in your case 7th Dec,08 is the due date but you deposite TDS on 7th Jan,09
total TDS along with interest will be Rs.12,264/-
interst amount is Rs. 240/- (12,024*2%)
INDRA
CA Surajit Kashyapi
(Chartered Accountant)
(112 Points)
Replied 07 January 2009
Interest will be charged for one month. Due date was 7th Dec. But TDS deposited on 7th Jan.... So late for 1 month only.
Interest will be Rs12024.00 X 1%= Rs 120.24/-
Nikhil Kumar
(CA , Qualified CPA)
(910 Points)
Replied 07 January 2009
but the act says that the interest is to be calculated from the date the TDS was deductible to the actual date of deposit
the rate is 12%p.a. or 1% per month
shilpa
(accountant)
(22 Points)
Replied 06 August 2009
is this interest rate applicable for all TDS payments
L KANAGARAJ
(Assistant Manager-Finance)
(615 Points)
Replied 06 August 2009
Arvind Pathak
(Accountant)
(22 Points)
Replied 05 October 2009
hw is calculate TDS Late payment interest
Rachit
(Delhi)
(30 Points)
Replied 24 December 2009
what are the provisions & rate of interest on late deposit of TDS on salary?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 24 December 2009
Interest payable 1% p. m.
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 25 December 2009
Interest on late payment is @ 1% p.m. or part thereof.
manoj khare
(Deputy Manager )
(21 Points)
Replied 09 July 2011
Sir,
I have deucted tds on salary for the m/o April 2011 on 30.04.2011 but same has been deposited on 04.07.2011 without interest. any interest clause will be attracted on the same . if yes, please advise me for rate of interest & for what period i vave to calculate.
CAclubindia
