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Urgent- Interest on short deposit of TDS

CA Shyam Sunder Agarwal (CA) (103 Points)

01 July 2011

Dear friends,

We have deducted TDS u/s 192 on 30th Apr'11 Rs 1,50,000/- and deposit the same on 07th May'11 Rs 1,00,000/- and balance on 08th May'11 Rs 50,000/-. On 1st July'11 (i.e. today) our auditor is saying we need to pay interest on Rs 50,000/- towards late paymnet of TDS. My question is how much of interest we need to pay today? whether it is

On Rs 50,000 for 1 Month @ 1.5% =Rs 750 or,

On Rs 50,000 for 1 Month @ 1.5%=Rs750 Plus On Rs 750/- for 2 Month (June & July) @ 1.5% = Rs 23 Total Rs 773/-

Please give your valuable suggestion. Its Urgent.

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9 Replies

srinivasa.B (CA final, Bcom ) (70 Points)
Replied 01 July 2011

Originally posted by : CA Shyam Sunder Agarwal
	Dear friends, We have deducted TDS u/s 192 on 30th Apr'11 Rs 1,50,000/- and deposit the same on 07th May'11 Rs 1,00,000/- and balance on 08th May'11 Rs 50,000/-. On 1st July'11 (i.e. today) our auditor is saying we need to pay interest on Rs 50,000/- towards late paymnet of TDS. My question is how much of interest we need to pay today? whether it is On Rs 50,000 for 1 Month @ 1.5% =Rs 750 or, On Rs 50,000 for 1 Month @ 1.5%=Rs750 Plus On Rs 750/- for 2 Month (June & July) @ 1.5% = Rs 23 Total Rs 773/- Please give your valuable suggestion. Its Urgent.

Dear friend if you not yet remitted Rs.50000/- till date Interest to be remmited for 2month becouse IT provision say 1.5 % for month or part of the month so you have to remmit interest =50000*1.5%*2=1500

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Bahubali (Accounts Executive CWA Inter) (452 Points)
Replied 01 July 2011

please confirm when u have paid remaining 50000 on 8th May or 1st July

if u have paid on 8th may means only 1 month interest is enough

valji (Accounts manager-MBA) (2150 Points)
Replied 01 July 2011

yes if still not apid then two month interst otherwise 1 month interest , if paid on or before 7th

agree with above

CA Shyam Sunder Agarwal (CA) (103 Points)
Replied 01 July 2011

Balance TDS of Rs 50,000/- deposited on 08th May'11 itself. Only Interest for delayed payment not yet paid. Please reply how much of interest should I deposit now?

Bahubali (Accounts Executive CWA Inter) (452 Points)
Replied 01 July 2011

1 month interest show the amt in interest colum

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CA. MANAL CHAWLA (CA + CS Professional) (566 Points)
Replied 01 July 2011

ONLY one month interest should be paid to u only 750/-only

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 01 July 2011

Originally posted by : valji
	yes if still not apid then two month interst otherwise 1 month interest , if paid on or before 7th agree with above

AGREED.

srinivasa.B (CA final, Bcom ) (70 Points)
Replied 01 July 2011

Amount deposited on 08/05/2011 then only one month interest Rs. 750/- only to be deposited.

vishal (Sr. Accounts Exec.) (21 Points)
Replied 01 January 2014

Dear Friends,

TDS Date of deduction 30/04/2011, so due date 07/05/2011 & remaining Amt.Rs.50,000/- paid on 08/05/2011 means one day late (one day = one month). So interest for 2 months (April & May). Interest Calculation, Date Of Deduction to Date Of Payment.

50000 x 2 x 1.5% = 1500/-