Tds interest calculator

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 please confirm me im going to right or not for tds calculation
as per late payment of tds interest rate is 1.5 pm from the date of credit or payment which ever is first not from due date.

Date pay......Amt......TDSpaydate.... delaymonth
01/09/2011...50000.....06/11/2011.... 2
01/10/2011...50000.....06/11/2011.... 0
01/11/2011...50000.....06/11/2011.... 0

accounts maintain cash basis

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 please confirm delay months are correct or not

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 November 2011 Everything is correct except the first one. Here interest will be levied for 3 months i.e. 4.5%.

TDS deducted 01/09/11

Due date was 07/10/11 which was not complied with.
Now 01/09/11 to 01/10/11 1 month
01/10/11 to 01/11/11 1 month
and 01/11/11 to 06/11/11 1 month (Since act says month or part of month thereof)

So total 3 months.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 thanx for reply all above transaction are different not single so please guide me.
means 3 bills.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 November 2011 Yes i know my reply was only for 1st bill.

On the other two transaction no interest will be charged.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 k..... thanx but sir last one month is under due date then also it will be for one month

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 sir please reply

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 November 2011 01/10/11 due date 07/11/11 so no interest as deposited on 06/11/11

01/11/11 due date 07/12/11 so no interest as deposited on 06/11/11

Hope its clear now.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 i got details for other 2 transactions but for fist one i think delay months only 2 instead of 3 because tds paid before 7.... pls help

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 November 2011 No it will be three. You can consult anybody.
Act says month or part there off.

So after 01/11/11 is crossed interest will be levied for another month so total of three months interest need to be paid.

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2011 thank you so much.... for guidance..

Vikas

Vikas (Expert)
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07 November 2011 Tds interest for other two is right, but for first bill interest will be charged for 2 months.