tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2011
Pls tell me the amount to be deposited as "Interest on late deduction" and "interest on late deposite" of TDS in TDS challan in the following case :
TDS for april 2010 - Rs. 1000
TDS For May 2010 - Rs. 5000
TDS for march 2011 - Rs. 10000
The above amount not deducted till yet and the total amount of TDS with interest is to be deposited on 30/04/2011.
TDS for april 2010 - Rs. 1000
TDS For May 2010 - Rs. 5000
TDS for march 2011 - Rs. 10000
The above amount not deducted till yet and the total amount of TDS with interest is to be deposited on 30/04/2011.
30 April 2011
TDS for april 2010 - Rs. 1000
[Interest @1% p.m. for 12 months = (1000*12%)+1000=1120]
TDS For May 2010 - Rs. 5000
[Interest @1% p.m. for 11 months = (5000*11%)+5000=5550]
Now deposit Rs (1120+5550)= 6670 in a separate challan as it relates to 1st quarter.
TDS for march 2011 - Rs. 10000
No need to pay interest on above so as deducted in March and pay Rs 10000/- within 30.04.11
[Interest @1% p.m. for 12 months = (1000*12%)+1000=1120]
TDS For May 2010 - Rs. 5000
[Interest @1% p.m. for 11 months = (5000*11%)+5000=5550]
Now deposit Rs (1120+5550)= 6670 in a separate challan as it relates to 1st quarter.
TDS for march 2011 - Rs. 10000
No need to pay interest on above so as deducted in March and pay Rs 10000/- within 30.04.11
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