Dear all
Thanks in advance!
The Defaults has been generated for quarterly TDS/TCS statement by NSDL whereas two Interest column shown as under for delay payment
a) Late Payment Interest till Date of Deposit of Tax(A)
b) Late Payment Interest from Date of Deposit of Tax till Date of Processing(C)
My question is that whether the b) is under which section and is applicable? as per my view they have calculated interest as under (processing date is 24-01-2012 by NSDL)
| Tax deposited | Date of Deduction | Date of Deposit | Due date | Months of Default | Late Payment Interest till Date of Deposit of Tax(A) | Late Payment Interest from Date of Deposit of Tax till Date of Processing(C) |
| 29903.00 | 01-JUL-2011 | 09-AUG-2011 | 08-AUG-2011 | 2 | 897.00 | 81.00 |
The Interest on delay interest calculated for 6 month @ rate 1.5% p.m. is this correct? please explain otherwise
Thanks
S A M E E R
CAclubindia
