Tds payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2013 I have paid contractor a payment in 2009-10,but not deducted TDS nor paid TDS, so can i pay the TDS now in Feb 2012..what would be the interest rate and for how many months?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 February 2013 from the date on which the tax was deductible to the date tax actually deducted - 1% per month or part of the month

from the date of actual deduction to date of payment of tax to government treasury - 1.5% per month or part of the month.

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 tds amount is 650 so how much interest i have to pay now for dis amount?d bill was booked on mar 2010 and payment of tds not paid yet.i wl pay in feb 2012...so wats the interest amount

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 February 2013 Boss, i think I have already mentioned the method for computing the interest payable.

Would be great if you could compute the same and share your computation for review.

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2013 Rs.650 TDS amount
Interest=650*1.5%*35 mths=341.25
Total amount Rs650+341=991
(35 mths=Mar 2010 to Feb 2012)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 February 2013 I believe you mean February 2013. If yes, then the computation is correct.

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2013 ya..its feb 2013...thnx 4 d help

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