Sir,
Please tell me, whether interest calucted by me is correct on tds amount.
tds amount is Rs. 2300.00
3 months interest
@ 1.5%
2300*3/12*1.5% = 9/-
Thanks
Sushant
sushant gurav (Accountant) (396 Points)
23 July 2011Sir,
Please tell me, whether interest calucted by me is correct on tds amount.
tds amount is Rs. 2300.00
3 months interest
@ 1.5%
2300*3/12*1.5% = 9/-
Thanks
Sushant
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 23 July 2011
Mr. Sushant, delay of TDS payment attracts interest @ 1.5% per month or part of month....
so , intt. amount will be----------2300*1.5%*3
plz correct me if m wrng
jaganathan
(accounts executive)
(272 Points)
Replied 23 July 2011
No, its wrong the correct calculation is 2300*1.5%*3=103.50 as the interest rate 18% per annum (18%/12) 1.5% per month in your calculation you again divide 12 or you can calculate like 2300*18%/12*3=103.50
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