int. of late payment
This query is : Resolved
rajeev khulbe
(Querist)
07 August 2010
sir int. of late payment of tds.supoose i want to deposit it date 9. than sir how much int. add in my amt.
ex. my tds for the month of july 5000, than sir plz tell me how much int. in my amt.
regards
rajiv
ex. my tds for the month of july 5000, than sir plz tell me how much int. in my amt.
regards
rajiv
CMA Ramesh Krishnan
(Expert)
07 August 2010
you need to calculate the interest rate @ 1.50 permonth or part of month from the date of deduction to date of payment so you need to calculate 1.50% interest if you paid 9th instead of 7th
CA. Pradeep Nayak
(Expert)
07 August 2010
As you have deducted tax but failed to deposit it within the due date, you have to pay interest @ 1.5% per month for delay in remittance.
Interest will be Rs. 5,000 X 1.5% = Rs. 75.
Interest will be Rs. 5,000 X 1.5% = Rs. 75.
07 August 2010
Dear Ramesh Ji,
TDS deducted in month of july.
Deposited on 9th august.
As per law interest rate @ 1.50 per month or part of month from the date of deduction to date of payment. So why TDS should not be calculated for 2 months i.e. 1.5% for July and 1.5% for august.
Please clarify.
TDS deducted in month of july.
Deposited on 9th august.
As per law interest rate @ 1.50 per month or part of month from the date of deduction to date of payment. So why TDS should not be calculated for 2 months i.e. 1.5% for July and 1.5% for august.
Please clarify.
CMA Ramesh Krishnan
(Expert)
07 August 2010
yes.Mr.Sanjay you are correct, thanks for correction
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CA. Pradeep Nayak
(Expert)
07 August 2010
Agreed...Thanks for the correction Mr. Sanjay.
While calculating period for interest on late deposit of TDS, period prescribed for making payment to the credit of Central government is not to be excluded.
While calculating period for interest on late deposit of TDS, period prescribed for making payment to the credit of Central government is not to be excluded.
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