Interest on tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 December 2011
Please guide me as to calculation of interest on late remittance of TDS. Scenario 1: TDS u/s94H (Rs. 120000) deducted between 22nd November - 30th november 2011 but remitted on 16th decemeber then interest will be Rs 1200/- right?
Scenario 2: TDS u/s94H (Rs 120000) deducted on 3rd november 2011 but remitted on 16th december then interest will be Rs 1200 or Rs 2400?
Scenario 2: TDS u/s94H (Rs 120000) deducted on 3rd november 2011 but remitted on 16th december then interest will be Rs 1200 or Rs 2400?
16 December 2011
In both scenario you need to pay interest of Rs.3600
Interest will attract 1.50% per month or part of the month from the date of deduction so deduction on 22 Nov or 3rd november will not make any difference. it will come 2 month interest Nov & Dec =1.50x 2=3 % so Rs.3600
Interest will attract 1.50% per month or part of the month from the date of deduction so deduction on 22 Nov or 3rd november will not make any difference. it will come 2 month interest Nov & Dec =1.50x 2=3 % so Rs.3600
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