Interest payment after t.d.s was deposited

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This query is : Resolved

GULRAJ AILANI (Querist)

21 February 2012 Dear sir

Ramesh wants to deduct T.D.S in month of October and he has Deducted it on Rs 7000 @ 10% i.e Rs 700. He has Deposited TDS Rs 700 on 24th November Without Paying Interest.In the month of January He wants to pay Interest, My Question is
1. How Interest is to be Calculated
2. whether the amount that was deposited on A/c of T.d.s i.e Rs. 700 Will be first adjusted against Interest or T.D.S.

Yogesh Agarwal

Yogesh Agarwal (Expert)

21 February 2012 Interest need to be calculated @1.5% on Rs.700 for two months that is October and November (if he has deducted the same in October)

GULRAJ AILANI

GULRAJ AILANI (Querist)

22 February 2012 DEAR YOGESH SIR THAT IS THE INTEREST IF HE IS PAYING THE INTEREST ALONG WITH TDS IN THE MONTH OF OCTOBER.MY QUESTION IS,HE IS PAYING TDS IN THE MONTH OF OCTOBER AND HE WANTS TO PAY INTEREST ON THAT AMOUNT(ON TDS) IN THE MONTH OF JANUARY.
PLEASE ALSO TELL RELEVANT SECTION WHICH APPLY TO THIS SITUATION

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