Interest on tds

This query is : Resolved

MANISH KANTHALIYA (Querist)
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15 June 2013 Dear Experts,

I had deducted TDS (on interest) Rs.18,000/- @ 10% on Amount 1,80,000/- dt.13.03.2013
and made payment on dt.30.04.2013.

But at present I don’t receive PAN No. from the above deductee, so have to deposite the
balance TDS @10% (tds without PAN No. 20%) with interest, so I need your opinion how much actual amount to be paid?

Thanks and regards,
Manish K

Rupesh Jain

Rupesh Jain (Expert)
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15 June 2013 @ 20% total tds amount will be 36000/-
and till 30.6.2013 your intt liability will for 3 month @ 1.5% per month= 4.5% for three month but you have already deposit Rs. 18000 /- and late deposited
on above 1.5% intt also to be deposited
that is Rs. 270 + 18000+ intt. on Rs. 18000 is 810 = 19080

18000 tds intt. 1080

Ganeshbabu K

Ganeshbabu K (Expert)
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15 June 2013 Dear author

Please refer Section 201(1A)(ii)

Reproduced here for your reference

(ii) at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid,

So 18000 TDS with interest for 4 months @1.5% pm

Thanks & regards
Ganeshbabu k

MANISH KANTHALIYA

MANISH KANTHALIYA (Querist)
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17 June 2013 Thanks Mr. Rupesh jain and Ganeshbabu K for the suggestions.

regards,
Manish K.

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