T.d.s interest calculation

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2013 Dear all,

I'm deducted t.d.s on 02.09.2013, but not yet deposited by bank so how much month interest should be calculated if i paid in this month please reply.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

05 December 2013 Interest to be paid for 4 months @ 1.5% per month. I.e.. 6% of the TDS Amount.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

05 December 2013 The months involved are -
Sep
Oct
Nov
Dec.
So, pay interest for 4 months.
.
File e-TDS return immediately for Q2.
.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

05 December 2013 Practical Suggestion-
.
Pass the TDS JV as on the date of challan and show the date as date of deduction.
.
In such a case you may save Late fee U/s 234EE.
.

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 thanks for reply.. but i had calculated only two months interest & paid yesterday..what i should do now?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

06 December 2013 Pay the interest for remaining two months through separate challan at the earliest.

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 but i have query..if i had deducted t.d.s in sept month then why should i consider sept month for interest? please reply

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

06 December 2013 Interest is calculated from the date of deduction till date of payment.

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 i'm satisfied with your ans, as it is how much interest should be taken oct month t.d.s.? is it 3 months or 2 months or 1 months?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 December 2013 Oct, Nov, Dec - 3 months interest is required to be paid.
.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

06 December 2013 To know in details about how to calculate period of default and interest, see below link. The same is discussed at length.

https://www.caclubindia.com/experts/tds-577865.asp

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