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Tds remitted without interest

Nagendra (Articleship) (38 Points)

28 December 2012

I have remitted tds without paying interest as on 22/10/2012 instead of 07/10/2012.but now i am ready to pay.TDS amount is Rs.10,000/- please give me calculation.as early as possible.

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4 Replies

vittakaushik (articles) (71 Points)
Replied 28 December 2012

As per section 201 interest is levied at 1.5% per month or part thereof from the date of deduction to the date of deposit (if tds is deducted and not remited).

In your case tds amount is Rs 10000 for the month of Sep-2012 and this 10000 is deducted on various dates.You have to calculate interest transation wise.

For example tds deducted rs 500 on 02-09-2012.You have to calculate the delay from 02-09-2012 to 22-10-2012.Interest amount will be 500*2/12*1.5%.Likewise you have to apply transaction wise and arrive at the interest amount.

Hope i am clear.if not let me know.

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Nagendra (Articleship) (38 Points)
Replied 31 December 2012

I am planing to file e tds return now .is there any extra interest payble? if it is there how much interest i have to pay with in 31 st Dec 2012, or after 31 st Dec 2012.

use above transaction and give clarification.

kavitha (studying final) (830 Points)
Replied 02 January 2013

My Assumption: you haven't filed Tds for Second Quarter which is due on 15.10.2012.

if above is the case then U/s 234 E, deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.

In addition to that u need to pay interest

I hope this will help u