Tds interest calculation

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Mukesh Katara (Querist)
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17 September 2011 Good Mrng all dear friends

How to calculate tds interest please give me any relevant law or notification for how to calculate tds interest..
Example tds deducted date 10/05/2011 and paid into government 10/08/2011..so how to calculate interest..please reply me as soon as possbile...we have recvd notice f.y.-2009-10 and 2010-11 for short interest payment.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 September 2011 TDS interest need to be paid from the date of deduction to date of payment. your deduction date is 10/05/2011 and actual due date is 7/6/2011 but paid 10/8/2011 so May/June/July/Aug- 4 months delay so 4x1.50= 6% interest need to be paid, please refer the section

In section 201 of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of July, 2010, namely:—

“(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—

at one and half per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and

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Mukesh Katara

Mukesh Katara (Querist)
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19 September 2011 thnx sir u always help me...

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