May any one can help me in finding a single formulae in excel to calculate interest
Amount 25000
Due date 15.10.10
Date of Payment 07.04.11
15 Replies
Pinky Agarwal
(Chartered Accountant)
(426 Points)
Replied 07 April 2011
Find the attachment..
Attached File : 9 book1.xlsx downloaded: 350 times
Rachit
(Ca-Final Article.)
(565 Points)
Replied 07 April 2011
| 25,000.00 | |||
| 40,466.00 | |||
| 40,640.00 | 174.00 | Diff. In Days | |
| In case of company | |||
| As per Sec 75 | 1,549.00 | ||
| As per Sec 76 | 2,860.00 | ||
| 34,800.00 | |||
| Subject to max of tax liab. | 25,000.00 | ||
| Total amoun to be paid as intt. | 26,549.00 | ||
Ajay s
(Accounts Officer)
(243 Points)
Replied 07 April 2011
Hope Both of u r not aware about the recent budget
from 1-04-11 interest rate is 18% know
Pankaj Arora
(Learner)
(3134 Points)
Replied 07 April 2011
yes you are right ajay interest on late deposit of service tax has increased...
Pinky Agarwal
(Chartered Accountant)
(426 Points)
Replied 07 April 2011
| Originally posted by : Ajay s | ||
 |
Hope Both of u r not aware about the recent budget from 1-04-11 interest rate is 18% know |
 |
I m aware of it..But as the liablity is for the period prior to budget then i think interest at the rate of 13 % will apply..
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 07 April 2011
Interest needs to be paid at the rate existing at the time of payment. The words used under sec 11AB is interest at such rate as is "for the time being" fixed by the central government by notification. Whcih meas at present prevailing rates.
Regards
Dayananda
Pinky Agarwal
(Chartered Accountant)
(426 Points)
Replied 07 April 2011
| Originally posted by : DAYANANDA K N | ||
|
|
Interest needs to be paid at the rate existing at the time of payment. The words used under sec 11AB is interest at such rate as is "for the time being" fixed by the central government by notification. Whcih meas at present prevailing rates. Regards Dayananda |
|
Which Section 11 B? R u talking about section 11B [ Claim for refund of duty and interest, if any, paid on such duty ] of central excise act, 1994.???
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 07 April 2011
Section 11AB of Central excise Act. Interest on non payment or non levy of duty etc.
Regards
Dayananda
Ajay s
(Accounts Officer)
(243 Points)
Replied 07 April 2011
ok i agreed with dayananda , but can u solve my problem
Vikash Kharvar
(Dy. Manager -F&A)
(469 Points)
Replied 07 April 2011
Dear Mr. Ajay Y,
Pleas use the following formulla in excel sheet for Calculation of Interest for 174 days (from 15.10.2010 to 07.04.2011) @ 18% p.a.
=ROUND((A1*18%)*(174/365),0)
Note : A1 is the address of the row in which you have put the figure (i.e. 25,000/-) and interest will come Rs. 2,145/-.
I hope it will helpful for you.
Regards,
Vikash Kharvar
Ajay s
(Accounts Officer)
(243 Points)
Replied 08 April 2011
Sry Vikash up to 31.03.11 Interest rate is 13% only and from 1.04.11 its 18% then how its possible??
Pankaj Arora
(Learner)
(3134 Points)
Replied 08 April 2011
Pinki was right service tax payable amount must be of March than the interest rate will be applicable 13 % not 18 %....
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 08 April 2011
Mr.Ajay
According me since you have dishcarged tax on 7th Apr 2011 which is falls after amendment has taken place you need to pay interest at 18%.
Interest is payable at prevailing rates at the time of discharge of tax
Regards
Dayananda
Pankaj Arora
(Learner)
(3134 Points)
Replied 08 April 2011
In current Budget announced if turnover is below 60 Lac Than assess have to pay interest 15 & on late remit of service tax.
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