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Interest on tds calculation

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Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2012 Please explain me calculation of interest like my TDS deduction liability raise in september month and i deduct TDS in october and want to payment in december what will be the interest amount.

CA Roshan Jha

CA Roshan Jha (Expert)

31 October 2012 Your interest on Tds liablity shall be as follow (Assuming Tds amount =10,000)

For failing to deduct tds:
Interest= Rs.10,000*1%* 2 months (sep & oct)

For Failure to pay tds:
Interest = Rs. 10,000 * 1.5%*3months (oct, nov, and dec)

october has come in both the calculations as part of the month is considered as full month.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2012 what will i do when I paid full amount to that party and there is no further dealing with him.

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