tds on commission - late payment (interest calculation)

This query is : Resolved

harshit (Querist)
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28 January 2008 Rs.10000/- paid tds on commission as on 05/11/07.
on that till date tds not deducted.
now, we deduct tds on that, how much interest to be paid?

Rs.10000*10.3% = 1030
Rs.10000*1%(penal interest per month)*2.5(two months, 15 days) = 250
Total Rs.1030+250=1280
(or)
Rs.1030*1%*2.5=25.75/-
Total Rs.1030+25.75=1055.75/-

interest calculated on payment amount or tds amount?
pl. carify sir urgent

CA Mani

CA Mani (Expert)
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28 January 2008 Hi Harshit,

Interest is to be calculated on TDS amount and from date of deductioin.

Mani.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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28 January 2008 under income tax act interest is calculated on monthly basis so you will pay whole months interest if payments are made late by five days and interest
is paid when you will deduct tds from the following
month

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