Please guide me about tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2011 i am handelling accounting on cash basis

so please guide me below interest of Tds
Date/Credit tds amount

19-04-11 50000
03-05-11 50000
08-06-11 50000
06-07-11 50000
06-08-11 50000
please guide me how much interest and how to calculate month.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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11 September 2011 Under the existing provisions of section 201(1A) of the Act, a person is liable to pay simple interest at one-half per cent for every month or part of month.

Assumed It will paid in the month of September after 7th September

SO 1.5% Simple Interest Rate
FOR

19-04-11 50000
Due Date 7th May 2011 Late 5 Months
=50000*1.5%*5=3750

03-05-11 50000
Due Date 7th June 2011 Late 4 Months
=50000*1.5%*3=3000

08-06-11 50000
Due Date 7th July 2011 Late 3 Months
=50000*1.5%*3=2250

06-07-11 50000
Due Date 7th August 2011 Late 2 Months
=50000*1.5%*2=1500

06-08-11 50000
Due Date 7th September 2011 Late 1 Months
=50000*1.5%*1=750

Total Interest= 3750+3000+2250+1500+750
=11250/

Abhishek Ranjan Singh
ARS Solution
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Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2011 But my CA is guide me calculate interest as per following

19-04-11 50000 5 month late
03-05-11 50000 5 month late
08-06-11 50000 4 month late
06-07-11 50000 3 month late
06-08-11 50000 2 month late

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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12 September 2011 ask your CA about last date.
it is 7th of the next month.