Interest calculation

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Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 what is major difference between interest calculated on monthly basis or yearly or per annum Basis.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 September 2014 well that will depend on whether the principal changes or not during the year, and whether interest is compounded or simple

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 nikil ji.
how to calculate interest under monthly basis Like interest on service tax on monthly basis and income tax monthly basis.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 September 2014 ok..that is simple. let say TDS to be deducted was Rs 100 on 1 April 2014. You deduct on 10 May 2014. Now interest rate is 1 % pm. So you will deduct at 1% pm for two months April and May. (each part of a month is counted as a whole month)

So interest payable shall be Rs 2.

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 but as per service tax how i will calculate.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 September 2014 read this https://servicetax.weebly.com/interest-calculation.html

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