Interest on TDS

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CA Sumit Arora (Querist)
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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.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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15 December 2009 Interest @1% for one month only.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

Azmathullah Khan (Expert)
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15 December 2009 12% Per annum, minimum 1 month, if more than 1 month you can calculate the days. Pls suggest

CA Sumit Arora

CA Sumit Arora (Querist)
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15 December 2009 Thanx for your support.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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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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