Tds interest calculation

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AMRUTA RAKATE (Querist)

23 May 2014 PLZ TEL ME THE NO.OF MONTHS THAT SHOULD BE TAKEN INTO CONSIDERATION FOR CALCULATION OF INTEREST ON LATE PAYMENT OF TDS IN THE FOLLOWING CASE:-

IF TDS IS DEDUCTED ON 31ST MAR,14 & IF PAYMENT IS TO BE MADE ON SAY 26TH MAY,14, SO INT. WILL BE CALCULATED FOR 3MONTHS FROM MAR TO MAY OR FOR 2 MTHS APR & MAY?

& WHETHER THIS AMT.IS TO BE ROUNDED OFF TO NEAREST RUPEE OR IN MULTIPLE OF RS.10/100?

KEYUR

KEYUR (Expert)

23 May 2014 INTEREST FOR LATE PAYMENT OF TDS IS TO BE COUNTED FROM THE MONTH OF DEDUCTION TO THE MONTH OF ACTUAL PAYMENT OF TDS MONTH. IF TDS DEDUCTED ON 31/03/2014 AND PAYMENT IS ON 26/05/2014. INTEREST IS FOR 3 MONTHS. 1.5% PER MONTH MEANS 4.5% TOTAL. ROUNDED IN MULTIPLY OF 10

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AMRUTA RAKATE

AMRUTA RAKATE (Querist)

24 May 2014 THANKS SIR. ONE MORE QUESTION......IF THE DEDUCTOR COMPANY WANTS TO PAY INTEREST ON TDS FOR SAY 5 DEDUCTEES SO EACH PARTY'S INTEREST TO BE ROUNDED OFF TO NEAREST 10 OR THE TOTAL INTEREST PAYABLE BY COMPANY?

KEYUR

KEYUR (Expert)

24 May 2014 TOTAL INTEREST TO BE ROUNDED OFF.

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