We had deducted TDS on april'10 bur till now it has not been deposited. please suggest how to calculte interest.
whether interest is to be calculated @ 1.5% for the total period of default as per the current rate applicable effective from 1.7.10 or 1% upto 30.6.10 and then 1.5%.
Add to that the expense will be disallowed u/s 40(a)(ia) as the TDS has to be deposited before the end of the previous year, the expense will be allowed once the TDS is paid in that year
CAclubindia
