Interest on tds
This query is : Resolved
06 September 2012
Hi
if the TDS deducted for the month of July and it should be deposited 7th of Next month (Aug 7th), But we had deposited TDS 10th of Aug. PLease tell me what is interst rate to deposit interest X how many month to be calculated.
Regards
Anirudh
if the TDS deducted for the month of July and it should be deposited 7th of Next month (Aug 7th), But we had deposited TDS 10th of Aug. PLease tell me what is interst rate to deposit interest X how many month to be calculated.
Regards
Anirudh
06 September 2012
INTEREST WILL BE CALCULATED FOR TWO MONTH
06 September 2012
At one and one-half per cent. for every month or part of a month on the amount of such taxfrom the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.”.
06 September 2012
Rate of interest 1.5% per month or part thereof. Since one month crossed interest have to be paid for two months. Note if TDS was deducted after 10th July in that case interest to be paid for 1 month as the TDS deposited within 10th Aug i.e, before the lapse on 1 month.
06 September 2012
YES AGREE WITH ABOVE EXPERT...
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