Interest on TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2010 Deal all,
Interest on latefiling payment of TDS has been increased from 1% p.m. to 1.5% p.m.on or after 1/7/2010. If the party credited in the month of april 2010 and tds on credited amount paid during the month of september 2010 then how to calculate the interest on late payment of TDS?

please, its urgent......

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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20 December 2010 Interest @ 1% pm is applicable for Late deduction cases and Interest @ 1.5% is applicable for Late payment ( ie delaying TDS payment to Govt after deducting it).

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2010 thank you sir, but let me know the computation of interest on late payment to the government.

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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20 December 2010 If TDS deducted and paid during the month of September 2010, Late Deduction 5% and for Late payment 4.5% applicable. total 9.5%

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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20 December 2010 Actually It Covers the Part of Month Also.
I Mean For 1 Day aLSO iNT. @1% / 1.5 % aPPLIES.

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2010 thank you to all,
but in this case the tds credited in the month of august 2010 and payment made in the month of of september 2010. so the computation would be
Late deduction 1% * 4 month (may-aug).
and for
late payment 1% * 2 month (may-june)and
1.5% * 3 month(july - sept)= 6.5%
Is it correct? please....

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