Interest on late deposit of tds on salary
This query is : Resolved
arun laxman gaikwad
(Querist)
25 December 2013
Dear Sir,
In financial year 2010-11 in our company Salary for March 2011 is credited on 31.03.2011 in the books.
TDS on the same Rs.1083777/= is paid to govt treasury on 31.05.2011.
We have paid Rs.32513 as interest on late deposit of TDS. (1.5%pm for 2 months on 1083777)
Now we have recd notice from traces asking for addl.late payment interest of Rs.16249
Total interest according to dept.is Rs.48762.
Pls provide calculation for this.
Regards
Arun
In financial year 2010-11 in our company Salary for March 2011 is credited on 31.03.2011 in the books.
TDS on the same Rs.1083777/= is paid to govt treasury on 31.05.2011.
We have paid Rs.32513 as interest on late deposit of TDS. (1.5%pm for 2 months on 1083777)
Now we have recd notice from traces asking for addl.late payment interest of Rs.16249
Total interest according to dept.is Rs.48762.
Pls provide calculation for this.
Regards
Arun
25 December 2013
INTEREST CALCULATED FOR 3 MONTHS @1.5% BY AO
AS PER BELLOW
EX:
TDS DEDUCTED 01/12/2013
DUE DATE IS 07/01/2013
BUT TDS DEPOSITED ON 08/01/2013
INTEREST WILL BE CALCULATED @ 3%
FOR TWO MONTHS
IN YOUR CASE YOU LIABLE TO PAY INTEREST 4.5%
i.e 1083777 * 4.5% = 48770/-
AS PER BELLOW
EX:
TDS DEDUCTED 01/12/2013
DUE DATE IS 07/01/2013
BUT TDS DEPOSITED ON 08/01/2013
INTEREST WILL BE CALCULATED @ 3%
FOR TWO MONTHS
IN YOUR CASE YOU LIABLE TO PAY INTEREST 4.5%
i.e 1083777 * 4.5% = 48770/-
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