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TDS related doubt

sssvkSridharan R. (CA (Final) Salem. Tamilnadu. sssvksridhar@yahoo.co.in) (218 Points)

16 May 2011

Dear Colleagues,

Can anyone help me to know the definition of the phrase “office of the government” as is referred to in rule

30(1) under Income Tax Act, 1961?

Regards,

Sridharan

Salem

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6 Replies

Sudipta Majumder (Accounts Executive) (26 Points)
Replied 16 May 2011

How to calculate interest on TDS amount for late filing of TDS amount?

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sssvkSridharan R. (CA (Final) Salem. Tamilnadu. sssvksridhar@yahoo.co.in) (218 Points)
Replied 16 May 2011

Dear Sudipa Majumder,

You have replied me a quesion!

Please post your quesion as question.

Regards,

Sridhar.

ps. TDS amount can not be filed lately. TDS return can be filed lately. Please rephrase your question. I can not under stand your quesion.

Sudipta Majumder (Accounts Executive) (26 Points)
Replied 18 May 2011

Hi Sridhar,

I was asking about interest on late filling of TDS Return. Can u pls tell me what is the procedure to calculate? and what is the current rate of interest?

sssvkSridharan R. (CA (Final) Salem. Tamilnadu. sssvksridhar@yahoo.co.in) (218 Points)
Replied 18 May 2011

Dear Sudipa Majumder,

There is no interest on late filing of TDS Returns. But there is penalty of Rs. 100 for every day from the date on which the return ought to have been filed to the date on which the return is actually filed.

Interest has to be paid by the deductor on the late remittance of TDS into the credit of Central Government at the rate of 1.5% per month or part of month.

In addition, interest has to be paid by the deductor on the late deduction of tax from the deductee at the rate of 1% per month or part of month. For more detail, read Section 201(1A) read with Rule 119A.

I am getting an excel template file to calculate the interest ready. If you want, I send it to you after getting it ready. If you want, send me your request.

Thanks,

Sridharan R.

Salem.

Sudipta Majumder (Accounts Executive) (26 Points)
Replied 24 May 2011

Hi Sridharan,

Thanks a lot for your help. It'll be very good for me, if you send me the interest calculator excel file. Requesting you to send the file. Anticipating a quick response from ur side.

Thanks in advance,

Sudipta M.