17 March 2015
I have downloaded Justification Report and got some confusion as below:-
As per justification report is…. Amount Paid / Credited : Rs.69,822 TDS Deducted : Rs.698 Date of Deduction(dd-mmm-yyyy) : 22-Jan-2013 Due Date for TDS Deposit(dd-mmm-yyyy) : 7-Feb-2013 Date of Deposit as Per OLTAS(dd-mmm-yyyy): 29-Sep-2013 Period of Delay in Months : 9 Interest on Late Payment U/S 201 (1A) : Rs.81
How they arrive Rs.81/- as interest on late payment? But, when we calculating interest is Rs.94 (Rs.698 x 1.5% x 9 = Rs.94/-) How they arrive Rs.81?
17 March 2015
@ Sanjay bhaiya sorry but the said calculation is absolutely correct
For calculation of late interest,
The amount of tax, penalty or other sum in respect of which such interest is to be calculated shall be rounded off to the nearest multiple of one hundred rupees and for this purpose any fraction of one hundred rupees shall be ignored and the amount so rounded off shall be deemed to be the amount in respect of which the interest is to be calculated.
i.e. the amount on which interst is to b calculated is 600
17 March 2015
Thank you Ankit I was not aware of this. But since it is to be rounded off to nearest multiple of 100 then why not 700 since the amount is Rs 698/-.
17 March 2015
Thank you very much Ankit Bohra ji & Sanjay Gupta Ji. Now, i checked and verified justification report with the help of excel formula ROUNDDOWN("TDS Amount",-2) x 1.5% x "Default Months"
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