Late payment of tds depost

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2013 Dear Sir, I am accountant in pvt ltd company. our nature of business was movie production. From last 2 years like Fy2011-12 & 2012-13 we diduct TDS from parties. Now we are ready to pay TDS with interest. My quary was how to calculated interest from the date of tax diducted. and can i use 2 from 281 for individually or use one from with 2 years payment.

TDS was in 2011-12 - 245000.00
TDS was in 2012-13 - 546000.00

pls how to calculate above.
Thanks & REgards
Nagesh

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

14 July 2013 Practical Suggestion:
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You are the deductor. Think about the deductee also.
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It is better to first ascertain whether the deductee(s) had filed his(their) returns of income.
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If yes, pay the amount to them as they must have not got the credit of TDS and CPC might have sent Demand Notice to them. The amount being given by you will help them in meeting the tax demand.
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In other cases...
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Calculate interest from the date of deduction to the date of payment @ 1.5% p.m. or part of the month.
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Calculate late fee @ Rs. 200 per day for delay in filing the TDS return.
Late fee is applicable from 1.7.2012 .
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