Calculation on tds intrest

This query is : Resolved

GAURAV PAL (Querist)
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16 May 2012 if i deducted tds on rs 50000 under section 194j rs 5000 on dated 30/09/2011but i deposited tds on 07/12/2011 only rs 5000/- not deposit the intrest on rs 5000/- how much intrest i will deposit on 31/05/2012. Can I deposit intrest only for 3 month @ 1.5% or calculate intrest on dated 30/09/2011 to 31/05/2012 for 9 month @ 1.5%.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 May 2012 If you deposit Rs 225 plus Interest @ 1.5% on Rs. 225 from the date of deduction to the date of deposit, in my view, your compliance part will be over.
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As Rs 5000/- has already been paid, and at the most department adjust interest first from 5000/- then on 5000 interest for 3 months @ 1.5% p.m. for 3 months comes out to Rs. 225.
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So it can be assumed that TDS of Rs 225/- remained payable from 30.09.2011.
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