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INTERST ON LATE PAYMENT OF TDS ON REMUNERATION

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Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2010 Dear Sir/Madam,

Please tell me how to calculate Interest for late payment of TDS on Remuneration.
Details for your Information.
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.

CMA Ramesh Krishnan

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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