Interest Rate for Delay TDS Payment
This query is : Resolved
Ramdinesh G
(Querist)
20 August 2010
What is the rate for Interest Rate for Delay TDS Payment?
Details:-
Date of Deduction # 4th May 2009
Date of Payment # 7th July 2009.
But interest was not deposited till date?
It what should I calculate Interest for Delay payment?
Details:-
Date of Deduction # 4th May 2009
Date of Payment # 7th July 2009.
But interest was not deposited till date?
It what should I calculate Interest for Delay payment?
CMA Ramesh Krishnan
(Expert)
20 August 2010
Up to 30.6.2010 -Interest rate 1 % per month or part of the month
from 1.7.2010= 1.50 % per month or part of the month
so your case total interest is = 14 +1.50= 15.50%
Up to 30.6.2010 -Interest rate 1 % per month or part of the month
from 1.7.2010= 1.50 % per month or part of the month
so your case total interest is = 14 +1.50= 15.50%
Aditya Maheshwari
(Expert)
20 August 2010
Interest would be = 1 + 1 + 1 = 3
visit this link
https://www.caclubindia.com/articles/a-day-s-delay-in-tds-remittance-interest-upto-3--6580.asp
visit this link
https://www.caclubindia.com/articles/a-day-s-delay-in-tds-remittance-interest-upto-3--6580.asp
20 August 2010
Dear friends,
I also want to have a clarification as the person in the query is suggesting that the TDS was deposited late.
But it was deposited on 07/07/2009 i.e interest to be paid was 1 % each for may/June/July.
But the point is that TDS was deposited without the interest. So what will be the interest calculation , if to be paid now ?
I also want to have a clarification as the person in the query is suggesting that the TDS was deposited late.
But it was deposited on 07/07/2009 i.e interest to be paid was 1 % each for may/June/July.
But the point is that TDS was deposited without the interest. So what will be the interest calculation , if to be paid now ?
CMA Ramesh Krishnan
(Expert)
20 August 2010
Thanks Mr.Subash for correction
Sorry my calculation has been taken on 7th July 2010,
Actual Interest is 3 % which(1+1+1) only
sorry again for 1st reply
Sorry my calculation has been taken on 7th July 2010,
Actual Interest is 3 % which(1+1+1) only
sorry again for 1st reply
20 August 2010
Its okay.... that Interest should be 3 of TDS amount, had it been paid alongwith the late payment of TDS.
But since the interest part was not being paid, will the interest be charged on the interest itself ?
But since the interest part was not being paid, will the interest be charged on the interest itself ?
20 August 2010
Interest payable will be 1+1+1.5=3.5% of TDS amount
Subhash ji interest will not be charged on interest.
Subhash ji interest will not be charged on interest.
20 August 2010
Mr. Sanjay....
TDS paid in 2009 , not 2010.
So question of 1.5 % is not there ?
but as you said in the second line.. that interest on interest will not be charged, will your answer be the same considering the above (2009-----2010) ?
TDS paid in 2009 , not 2010.
So question of 1.5 % is not there ?
but as you said in the second line.. that interest on interest will not be charged, will your answer be the same considering the above (2009-----2010) ?
20 August 2010
Sorry i thought it is 2010.
It will be 1+1+1=3%
Even if deposited in 2010 no interest on interest amount will be charged.
It will be 1+1+1=3%
Even if deposited in 2010 no interest on interest amount will be charged.
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20 August 2010
thanks
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