Tds payment calculation

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Sagar Das (Querist)
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23 June 2014 Can anybody tell me, If I have made a payment to Subcontractor rs. 36000 in April' 2014 , Rs. 10000 on 02/05/2014 , Rs. 5000 on 10/05/2014 & 8000 on 16/05/2014 , & a bill was received on 31/05/2014 valued Rs. 129950 , So Please show me the TDS payment Details , or how much amount i have ta pay with interest , ....
Please

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 June 2014 Deduct TDS U/s. 194C

if the payments made by you were advance for the bill dt 31.05.2014
then
TDS = 129950 X 1% or 2% (as the case may be)

Interest amount also depends on the TDS but here since your rate is not confirm so the same cannot be calculated till then

note: 1% is for Individual & HUF
and 2% is for person other than above.

Sagar Das

Sagar Das (Querist)
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23 June 2014 Then no require to make the TDS payment as advance basis, I can make the payment as per Bill, TDS rate is 1 %.

Sagar Das

Sagar Das (Querist)
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23 June 2014 If the bill date is 06.06.2014 , Then what will be Total TDS payment Amount. ?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 June 2014 TDS amount will be Rs. 1300

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 June 2014 & Interest Amt will be Rs.23 (for advance payments on which TDS has not been considered)

Sagar Das

Sagar Das (Querist)
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23 June 2014 Please Show me Break up of TDS calculation..

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 June 2014 Days
36000 if paid on 01/04/2014
10000 - paid on 02/05/2014
5000 10/05/2014
8000 16/05/2014

59000 TDS = 59000 X 1% = 590

Delay in payment
for advances are as follows
for 36000 - 83 Days i.e 3 months (fraction to be rounded off on upper side)
& like wise for all

TDS for 36000 = 36000 X 1% = 360

Interest = 360 X 1.5% X 3 = Rs.16

& Like wise you can calculate for all

Total TDS to be paid = 1300
Interest = Rs.23

= 1323/-

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 June 2014 Note :
1. Interest Rate is 1.5% per month
2. I have calculated difference in days till today but Interest will be same if paid up till 30/06/2014.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 June 2014 Also

if the bill date is 31.05.2014 then TDS have to be paid till 07/06/2014

then Interest on balance is also required if not paid

TDS = 1300 - 590 (alrdy deducted)
= 710

Interest = 710 X 1.5% X 1 = Rs.11

but if the bill date is 06.06.14
then payment of balance can be done till 07.07.14