TDS Interest calculation
This query is : Resolved
sandesh tare
(Querist)
27 February 2011
we have paid advance payment for execution of our factory building to factory work contractor Rs. 500000/- on 15.05.2010, Rs. 600000 on 11.10.2010 & Rs. 400000/- on 09.01.2011. Please let me know how to calculate interest penalty on TDS amount?
CMA Ramesh Krishnan
(Expert)
27 February 2011
for Payment on 15.5.2010 - Interest -14 %(May &june 1% each & July to Feb 1.50% each)
For Payment on 11.10.2010 = 7.50% (1.5 % each month)
For Payment on 09.1.11 = 3 % (1.50 % each)
Interest rate apply on TDS amount - TDS rate will be 1 % if the contract non companay, 2% if the contractor is company
For Payment on 11.10.2010 = 7.50% (1.5 % each month)
For Payment on 09.1.11 = 3 % (1.50 % each)
Interest rate apply on TDS amount - TDS rate will be 1 % if the contract non companay, 2% if the contractor is company
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