what in case we forgot to deduct the tax in previous month & then deducted it against the bills of next month
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Calculation Of Interest On Late Payment Of T.D.S. ?
Replies (40)
what in case we forgot to deduct the tax in previous month & then deducted it against the bills of next month
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Originally posted by : Ghanshyam Basaiye -9423274796 Account Officer- Ratnapprabbha Motors |
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Important Amendments related to TDS proposed by Finance Bill, 2010 Interest on TDS (Section 201(1A)) Period From 01.04.2010 to 30.06.2010 From 01.07.2010 to 31.03.2011 From the date tax was deductible (but not deducted) upto the date on which such tax has actually been deducted 1% per month (12% per annum) 1% per month (12% per annum) From the date the tax is actually deducted upto the date when the same is actually paid 1% per month (12% per annum) 1.5% per month (18% per annum) |
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HI
TDS is duducted on 05.04.2010 but payment made to government 05.01.2011. calulate the interest rate is 12% or 18%?
please clarify
Hi,
Pls note that for late deposit of TDS the interest rate is 1.5% per month w.e.f 01-07-2010 and upto 30-06-10 the rate is 1%.
-Srinivas
Interest on late payment on tds shall be calculated from date of deduction of TDS in books till the actual date of payment of TDS @ 1% PER MONTH OR PART OF THE MONTH BUT FROM 1ST JULY'10 IT WILL BE 1.5% PER MONTH.
In What time interest on TDS is 1.5%
FOR LATE PAYMENT TDS I REQUIRE EXCEL SHEET FOR CALCULAOT FOR INTEREST FOR A.Y.2012-13
BHARAT PATEL
| please provide the calculator for rate of interest of late payment | ||||||
| Vch No. | Debit | Credit | ||||
| 39500.00 | ||||||
| 21/05/2010 | Cr | ICICI A/C NO - 071905000234 (EOK) | Payment | 55579.00 | ||
| Ch. No. :044528---EXPORT PROMOTION COUNCIL FOR HANDICRAFTS PAYABLE AT NEW DELHI--INDIAN FASHION JEWELLERY & ACCESSORIES SHOW FOR THE PERIOD 09. TO 11 JULY-2010=PAY ORDER NO - 001368 DATED 24.05.2010 | ||||||
| 25/05/2010 | Cr | ICICI A/C NO - 629405039231 | Payment | 60390.00 | ||
| Ch. No. :548615---EXPORT PORMOTION COUNCIL FOR HANDICRAFTS FOR 30TH INDIAN HANDICRAFTS & GIFT FAIR FOR THE PERIOD 17.10.2010 TO 20.10.2010=PAY ORDER NO = 001403 DT 26.05.2010 | ||||||
| 12/07/2010 | Cr | ICICI A/C NO - 629405039231 | Payment | 33090.00 | ||
| Ch. No. :577166---EXPORT PROMOTION COUNCIL FOR HANDICRAFTS=P.O. NO - 200353 ---ASIA'S FASHION JEWELLERY & ACCESSORIES FAIR-14-17 SEPTEMBER-2010, HONGKONG | ||||||
| 23/08/2010 | Dr | ICICI A/C NO - 629405039231 | Receipt | 33090.00 | ||
| DD NO - 200353 DATED 12.07.2010= CANCEL--EXPORT PROMOTION COUNCIL FOR HANDICRAFTS= HONGKONG FAIR - 17-20 SEPTEMBER | ||||||
| 27/09/2010 | Cr | ICICI A/C NO - 071905000234 (EOK) | Payment | 6783.00 | ||
| Ch. No. :051667---EXPORT PORMOTION COUNCIL FOR HANDICRAFTS FOR 30TH INDIAN HANDICRAFTS & GIFT FAIR FOR THE PERIOD 17.10.2010 TO 20.10.2010=P.O. NO - 201251-DATED 28.09.2010 | ||||||
| 07/10/2010 | Cr | ICICI A/C NO - 071905000234 (EOK) | Payment | 1323.00 | ||
| Ch. No. :051744----EXPORT PROMOTION COUNCIL FOR HANDICRAFTS=P.O. NO - 201362=INDIAN HANDICRAFTS & GIFT FAIR (AUTUMN) 2010 =(17 TO 20 OCTOBER-2010) | ||||||
| 07/10/2010 | Dr | ICICI A/C NO - 071905000234 (EOK) | Receipt | 6783.00 | ||
| DD NO - 201251- DATED 27.09.2010---EXPORT PROMOTION COUNCIL FOR HANDICRAFTS= CANCEL | ||||||
| 19/11/2010 | Cr | ICICI A/C NO - 071905000234 (EOK) | Payment | 60390.00 | ||
| Ch. No. :067700----EXPORT PROMOTION COUNCIL FOR HANDICRAFTS=P.O. NO - 201946--DATED 19.11.2010 (31ST INDIAN HANDICRAFTS & GIFTS FAIR === 19-22 FEBRUARY, 2011, VENUE: INDIA EXPO CENTRE & MART, GREATER NOIDA) | ||||||
| 19/11/2010 | Cr | ICICI A/C NO - 071905000234 (EOK) | Payment | 10000.00 | ||
| Ch. No. :065101----EXPORT PROMOTION COUNCIL FOR HANDICRAFTS=P.O. NO - 201945------DATED 19.11.2010---INDIAN FASHION JEWELLERY & ACCESSORIES SHOW----FEB-10 | ||||||
| 20/12/2010 | Cr | ICICI A/C NO - 071905000234 (EOK) | Payment | 122360.00 | ||
| Ch. No. :069162--------APPAREL EXPORT PROMOTION COUNCIL PAYABLE AT GURGAON-----------INDIAN FASHION JEWELLERY & ACCESSORIES SHOW FOR THE PERIOD 02.02.2011TO 04.02.2011=P.O. NO - 202246 | ||||||
| 22/01/2011 | Cr | ICICI A/C NO - 629405039231 | Payment | 13236.00 | ||
| Ch. No. :751367--------APPAREL EXPORT PROMOTION COUNCIL PAYABLE AT GURGAON-----------INDIAN FASHION JEWELLERY & ACCESSORIES SHOW FOR THE PERIOD 02.02.2011TO 04.02.2011=P.O. NO - 213382----DATED 24.01.2011 | ||||||
| 31/01/2011 | Cr | ICICI A/C NO - 071905000234 (EOK) | Payment | 6783.00 | ||
| Ch. No. :065177-----EXPORT PROMOTION COUNCIL FOR HANDICRAFTS , PAYABLE AT DELHI FOR INDIAN HANDICRAFTS & GIFT FAIR (SPRING-2011) 19.02.2011 TO 22.02.2011=P.O. NO -202850 | ||||||
| 17/02/2011 | Cr | ICICI A/C NO - 629405039231 | Payment | 7280.00 | ||
| Ch. No. :751423-----EXPORT PROMOTION COUNCIL FOR HANDICRAFTS , PAYABLE AT DELHI FOR INDIAN HANDICRAFTS & GIFT FAIR (SPRING-2011) 19.02.2011 TO 22.02.2011=P.O. NO - 203026 | ||||||
| 416714.00 | 39873.00 | |||||
| Dr | Closing Balance | 376841.00 | ||||
| 416714.00 | 416714.00 | |||||
Dear Sir
The interest on TDS for late payment to be calculated on monthly bases or on the daily bases
Dear Sir / Madam
The interest on TDS for late payment to be calculated on monthly bases or on the daily bases
Yes. Interest is calculated monthly from date to date basis not on calender month basis.
Eg.
Date of Deduction - 5th Nov-11
Date of Deposit - 8th Dec-11
Interest for two months will be payable @ 1.5% per month.
From 5th Nov-11 to 4th Dec-11 = 1 month
From 5th Dec-11 to 8th Dec-11 = Part of month to be taken as 1 month.
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