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INTERST ON LATE PAYMENT OF TDS ON REMUNERATION

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 September 2010 Dear Sir/Madam,

Please tell me how to calculate Interest for late payment of TDS on Remuneration.
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For the year 2009-10
14.04.2009 Paid Rs.1,00,000/- on Account
28.01.2010 Paid Rs.3,00,000/- on Account
15.03.2010 Paid Rs.50,000/- TO DIRECTOR FOR HIS personal Advance tax (It adjust in remuneration)

So, Now We have decided to pay remuneration (09-10) to DIRECTOR Rs.5,17,400/-

How I can calculate Interest for Late paid TDS on remuneration.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
20 September 2010 Interest need to be calculte from the date of TDS deductible (which is remuneration payable) to the date of payament

Rate of Intetrest- 1% P.M.up to 30.6.2010
-1.5.% P.M. from 1.7.2010
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