Intt on tds
This query is : Resolved
09 January 2012
Please suggest.
Date of deduction of TDS is 25-Dec-2011
date of Deposit of TDs is 10-Jan-2012
Now the issue is that how many months intt to be deposited ?
As per Income Tax act Intt to be deposited for the period from actual deduction to actual Payment @ 1.5% per month or part of the month. i.e 25-Dec-2011 to 10-Jan -2012.
Date of deduction of TDS is 25-Dec-2011
date of Deposit of TDs is 10-Jan-2012
Now the issue is that how many months intt to be deposited ?
As per Income Tax act Intt to be deposited for the period from actual deduction to actual Payment @ 1.5% per month or part of the month. i.e 25-Dec-2011 to 10-Jan -2012.
09 January 2012
You need to calculate 2 months interest such as Dec-11 one month and Jan-11 one month total 2 months 1.50x 2= 3 % interest as per sec.201(1A)
10 January 2012
YOU NEED TO CALCULATE MONTH BECAUSE YOU ARE FAILED ONE DUE DATE SO HOW CAN YOU UNNECESSERY DEPOSIT ONE MONTH EXTRA INTREST ON TDS.
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