Interest on delay in payment of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2012 Dear Sir,

Please tell me that what is the rate of Interest on delay in payment of TDS for the financial year 2010-11 and 2011-12 and what is the method of calculation of such interest.

swasti

swasti (Expert)
Follow

18 April 2012 Prior to July 2010, the rate of interest on delayed payment of TDS was 1% p.m. and after 01st July 2010 it is 1.5% p.m.

CA Kishore Tallam

CA Kishore Tallam (Expert)
Follow

18 April 2012 Agree with expert. But it is 1.5% pm or part there of. The mode of calculation is as below:
Assume you deducted tax on 10th Jan but remitted on 9th jan i.e. after due date, then interest is for only one month. But if u have remitted TDS on 11th jan, then interest is for 2 months.
Assume TDS delayed is Rs. 1,000, then interest is Rs. 1,000 * 1.5% * 2 months = Rs. 30.

Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2012 thank you sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

VIJAY M DHANAK

RADHAKRISHNAN A R

venkateswara reddy

KANISHKA HISARIA

Chandrasekhar gadde

Subscribe Now

Interest on delay in payment of tds

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA