Calculation Of Interest On Late Payment Of T.D.S. ?

Page no : 2

(Guest)

I am facing problem in calcualtion of interest on late payment of Income tax

Originally posted by :Sanjivkumar Shah

Hi Friends,1. I am facing problem in calcualtion of interest on late payment of T.D.S. 2. lets take the example on maonthly basis : -ï¿½ï¿½A. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7thï¿½ Apr'07 which has to be deposited into govt. treasury by the 7th May'2007 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculateï¿½the interest for late payment of T.D.S.?ï¿½B. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7thï¿½ May'07 which has to be deposited into govt. treasury by the 7th June'07 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculateï¿½the interest for late payment of T.D.S.?ï¿½C. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7thï¿½ June'07 which has to be deposited into govt. treasury by the 7th July'07 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculateï¿½the interest for late payment of T.D.S.?ï¿½D. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7thï¿½ July'07 which has to be deposited into govt. treasury by the 7th Aug'07 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculateï¿½the interest for late payment of T.D.S.?The above mentioned case goes on till Feb'2008.Can anyone helpï¿½me in calculation of interest on late payment of T.D.S. or otherwise provide me excel file for calculation of interest on lateï¿½payment of T.D.S.?Please treat this case as very urgent.Regardsï¿½Sanjivkumar Shah

MARUTI INDUSTRIES (BUSINESS) (34 Points)
Replied 18 September 2008

We have deducted TDS on interest payment on 31.03.2008 but not paid till date now i want to paid on 19.09.2008. Interest for how many month to be paid by me i.e. for 6 or 7 month and by what rate

(Guest)

Please tel me What rate on late payment of tax in the case of individal(salary Employee)

(Guest)

kjjjjhh

(Guest)

Originally posted by :Guest
"	Originally posted by :Guest " Dear Sir Pls guide me to Calculate interest for Delayed payment of TDS , i have deducted tds on each day of any month and depositing in 8 th of next month in this case whether interest will be for 2 month or 1 month PLS Help with reference of Income tax act GAYANAND JHA "	"

Amarnath (Business) (22 Points)
Replied 05 November 2008

Dear Sir,

Pls guide me to canculate interest for delayyed payment of TDS, i have deducted tds on each month and depositing in 8th of next month in this case whether interest will be for 2 month or 1 month

pls help with reference of income tax act

Thanks & Regards

Amarnath

(Guest)

what is the tds % on interest paid for the companies

regards

ramesh kumar k

Shudhanshu Agrawal (Business) (2570 Points)
Replied 13 November 2008

Rate of interest on late TDS deposite is 1% p.m. and part of a month willbe consider full month whether its only 1 day and 1 month will be from the date to TDS deposite due to 7 of next month.

For instance if TDS should be deposited upto may7 and u are not able to deposite it till June8 then interest willbe calculated for two months and rate willbe 2%

(Guest)

On late payment of Bill of a foreign party, interest has been raised for such late payment. What will be the rate of TDS on such payment of Interest?:

MAHESHA R (ACCOUNTANT) (35 Points)
Replied 12 September 2009

How to calculate interest amount on TDS on contractor

Subash Srinivasan (chartered accountant) (390 Points)
Replied 12 September 2009

Interest is to be calculated from the date of deduction as per the provision @ 1% per month.

A. Interest fron APR to FEB 11 Months @ 1% P.M ( if you are paying in the Month of FEB)

B. MAY to JUNE for 2 Months @ 1% P.M

C.JUNE to FEB 9 Months @ 1 % Per Month

D.JUL to FEB for 10 Months @ 1% per month

SUBRAMANYAM (SR. ACCOUNTANT) (26 Points)
Replied 14 October 2009

Originally posted by :Sanjivkumar Shah
"	Hi Friends,1. I am facing problem in calcualtion of interest on late payment of T.D.S. 2. lets take the example on maonthly basis : - A. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7th Apr'07 which has to be deposited into govt. treasury by the 7th May'2007 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculate the interest for late payment of T.D.S.? B. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7th May'07 which has to be deposited into govt. treasury by the 7th June'07 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculate the interest for late payment of T.D.S.? C. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7th June'07 which has to be deposited into govt. treasury by the 7th July'07 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculate the interest for late payment of T.D.S.? D. I have passed journal entry for deduction of T.D.S. u/s 194A for the month of 7th July'07 which has to be deposited into govt. treasury by the 7th Aug'07 but i haven't deposited into the bank / govt. treasury till feb'2008. so how do i calculate the interest for late payment of T.D.S.?The above mentioned case goes on till Feb'2008.Can anyone help me in calculation of interest on late payment of T.D.S. or otherwise provide me excel file for calculation of interest on late payment of T.D.S.?Please treat this case as very urgent.Regards Sanjivkumar Shah	"

Attached File : 12 tds report.xls downloaded: 226 times

CA kanhaiya kumar (CA PASSED IN NOV.11 EXAM) (197 Points)
Replied 05 May 2010

i am passing journal entry of tds u/s 194A in april 2009 its payment date is 7th may 2009 but it is not deposit till 4/5/2010 now i like to deposit it on 5/5/2010. i have problem to calculate no. of month please help me