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.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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

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