Interest computation of TDS...Urgent Sir!!!
This query is : Resolved
18 September 2010
Dear Experts,
Suppose if any TDS deductable expenses arises (say) Rent or interest or advertisement expenses is accounted on 30th April Rs. 100000 but not paid for it. But the liability arises when the amount got credited in the ledger. 2 months later on say 15th July he has funds, now he want to remit TDS. Please tell me on which section i have to calculate interest on late payment of TDS. Also explain me how to calculate the interest on late payment.
Thank you,
With regards,
Rajesh.
Suppose if any TDS deductable expenses arises (say) Rent or interest or advertisement expenses is accounted on 30th April Rs. 100000 but not paid for it. But the liability arises when the amount got credited in the ledger. 2 months later on say 15th July he has funds, now he want to remit TDS. Please tell me on which section i have to calculate interest on late payment of TDS. Also explain me how to calculate the interest on late payment.
Thank you,
With regards,
Rajesh.
CMA Ramesh Krishnan
(Expert)
18 September 2010
Interest on dealyed payment of interest is covered under sec.201(1A)
Rate will be- up to June 30 2010,1% per month or part of the month from the date of TDS deduction or deductible to payment date
From July 1, 2010 onwards,1.50% per month or part of the month from the date of TDS deduction or deductible to payment date
Rate will be- up to June 30 2010,1% per month or part of the month from the date of TDS deduction or deductible to payment date
From July 1, 2010 onwards,1.50% per month or part of the month from the date of TDS deduction or deductible to payment date
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