Interest calculation on tds late payment

Page no : 2

venkat (Proprietor at VENKATESWARA RAO & CO) (34 Points)
Replied 16 October 2013

Nice Explanation to Every one..........Thankx to one nd all

Vilas C. Rajapkar (Profession) (146 Points)
Replied 16 October 2013

Refer my updated interest on TDS calculator as per Traces. Please let me know, if there are variation.

Vilas C Rajapkar

Attached File : 26210 1240185 interest on tds calculator.xlsx downloaded: 575 times

Bimal Thacker (Proprietor) (762 Points)
Replied 26 December 2013

attach data process by TRACE, whether interest calculation is proper if not what to do? Processed Data
TDS Deposited (Rs.) [324]	TDS Credit Allowed to the Extent of Available Balance (Rs.)	Interest Calculation
TDS Deposited (Rs.) [324]	TDS Credit Allowed to the Extent of Available Balance (Rs.)	Date of Deduction (dd-mmm-yyyy) [319]	Due Date for TDS Deposit (dd-mmm-yyyy)	Date of Deposit As Per OLTAS (dd-mmm-yyyy)	Period of Delay in Months (Col 16 - Col 14)	Interest on Late Payment U/S 201 (1A) (Rs.) (Col 13 * 17 * 1.5%)
12	13	14	15	16	17	18
6300.00	6300.00	30-Apr-2012	7-May-2012	14-May-2012	2	189.00
500.00	500.00	30-Apr-2012	7-May-2012	14-May-2012	2	15.00
6300.00	6300.00	30-Jun-2012	7-Jul-2012	11-Jul-2012	2	189.00
						393.00

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 07 January 2014

hi can anyone tell me how to calculate interest on short payment?

short payment 17484

short deduction 984

interest on short payment 3393

interest on short deduction 117

late filinf fee u/s 234e 3000

total 24978.

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 07 January 2014

I am dhrithi articled assistant and i do not know how to do the calculation as iam new to all these.

1. supose if my date of payment is on 30/9/12 and date of deduction is 30/09/12 what will be my due date ??

2. date of payment date of deduction date of deposit due date

30/9/12 30/9/12 13/10/12 ???

how to calulate interest on short payment and short deduction??

please help....

Vilas C. Rajapkar (Profession) (146 Points)
Replied 07 January 2014

2. date of payment date of deduction date of deposit due date 30/9/12 30/9/12 13/10/12 ??? Ans : 1. Due date is 07/10/12 2. Default months = 2 months

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 07 January 2014

thank you very much sir.

sir what is the rate of interest because as per the notice

short payment is 17484

short deduction is 984

interest on short payment is 3393

interest on short deduction is 117

sir can you please me the working?

thank you.

Avinash Mundra (Senior Article) (24 Points)
Replied 09 January 2014

But pls tell me that by this calculation is there any chances of interest on TDS for 1 Month?

Exa:- Date of Payment and Deduction is 31/10/2013. and Payment of TDS is on 09/11/2013.

Then How much is the Months of Delay??

If there is 2 Months Delay,then is there any chances of 1 month delay?

sathish (AUDIT ASSISSTANT) (21 Points)
Replied 13 January 2014

I have deducted the TDS U/s 194 J on 31.12.2013 but i have not paid the TDS 07/01/2014. how much interest i need to pay?

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 17 January 2014

I have received a tds error notice, but how to check that short payment of 17484 and short deduction of 984 in the notice is correct? what should i do check whether its correct or not ? can i check in 26AS ??

Please help..

Thank you.

CA Himanshu Bansal (Risk Manager) (2345 Points)
Replied 18 January 2014

The Delay shall be considered for 2 months in this case.

Ashwani Mittal (Prop) (28 Points)
Replied 21 January 2014

We have deducted TDS on Salary on 30.04.2013 and deposited the TDS on 09.05.2013. For what period the Interest will be charged for late payment of TDS. TDS CPC is asking for 2 months interest. How to contest?

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 21 January 2014

i think 2months @ 1.5%

please correct me if i am wrong.

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 21 January 2014

oops !! salary ? then iam not sure. :-P

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 21 January 2014

hi every one

i want to know how will i get justification report form traces-TDS.and how can i get the details for authentication code to obtain justification report?