interest on tds

This query is : Resolved

survesh (Querist)
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21 March 2009 sir
1)please say that how should i calculate tds interest for period april to feb not yet paid tds amount is rs 74695.00 please say the formula and say what are the last date for payment of tds.

2) should the interest debited to party or shown in expenses.

what date should be consider for cal. interest if i pay tne amont dt 7/3/2009

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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21 March 2009 interest will be charged for 12 months i.e. april to march even if u pay on 7 march...
it will be calculated @ 1% per month...
interest should be given to the govt. and it is not allowable expense as per i.tax act

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