Interest on TDS
This query is : Resolved
CA Sumit Arora
(Querist)
15 December 2009
Hello Friends,
I have a query in my mind, suppose i have deposited TDS of Rs. 1236 on 8th August 2009 for which due date is 7th August 2009, Now question is whether interest on late deposit of TDS will be calculated till current date or only for 1 month. Because interest is calculated for the month or anypart thereoff.
I have done audit the same in the month of November, 09, Whether interest will be calculated till novermber end i.e for 4 months or for 1 month i.e only for the delayed period.
I have a query in my mind, suppose i have deposited TDS of Rs. 1236 on 8th August 2009 for which due date is 7th August 2009, Now question is whether interest on late deposit of TDS will be calculated till current date or only for 1 month. Because interest is calculated for the month or anypart thereoff.
I have done audit the same in the month of November, 09, Whether interest will be calculated till novermber end i.e for 4 months or for 1 month i.e only for the delayed period.
Ram Avtar Singh
(Expert)
15 December 2009
Interest @1% for one month only.
15 December 2009
Interest is to be calculated from the date on which tax was deductible AND NOT FROM THE DUE DATE OF PAYMENT to the date on which it is actually paid.
Azmathullah Khan
(Expert)
15 December 2009
12% Per annum, minimum 1 month, if more than 1 month you can calculate the days. Pls suggest
CA Sumit Arora
(Querist)
15 December 2009
Thanx for your support.
Murtaza I Bhagat
(Expert)
15 December 2009
I think I should be @ 1% on Deposit/TDS amount Calculation from TDS Deducted date/month to Interest Deposited Date/month @ 1%
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