Interest payment on salary returns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2014
Hello, we have deposited Tds late on multiple occasions in salary returns , since 2010-11, 11-12, 12-13 adn 13-14, but we have never paid interest on same.
now my query is if we have to pay interest on that, on which amount will we pay interest and how to calculate interest
-1 - shall we pay interest on tax deposited @ 1.5 % pm from month of deposit till current month,
or we pay interest in two seperate components - one will be interest on late payment @1.5% from due date till date of payment , and other interest will be on interest amount above that we have not paid from date of deposit of tax till current month,
pl guide.
now my query is if we have to pay interest on that, on which amount will we pay interest and how to calculate interest
-1 - shall we pay interest on tax deposited @ 1.5 % pm from month of deposit till current month,
or we pay interest in two seperate components - one will be interest on late payment @1.5% from due date till date of payment , and other interest will be on interest amount above that we have not paid from date of deposit of tax till current month,
pl guide.
03 May 2014
You have to consider respective years' interest provisions. For, 12-13 and 13-14 you have to consider 1% and 1.5%
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