Interest calculation

if i deducted tds on rs 50000 under section 194j rs 5000 on dated 30/09/2011but i deposited tds on 07/12/2011 only rs 5000/- not deposit the intrest on rs 5000/- how much intrest i will deposit on 31/05/2012.

Replies (9)

Int on late deposite of TDS will be

5000*1.5%*3months= 225

 

Don't Worry TIN_NSDL will generate default and calculate the interest amount and send notice after you file TDS Return you just pay that amount and file corrected return.

Agree with Ankita.....

If you Pay Interest of Rs. 225 thn also they will generate default because you have not paid interest on time. its better to let them calculate the interest and give the notice for payment of interest.

by the time Department sends the notice, Carrom Ramvanu .....................Juice Pivanu................ ne Majja ni Life....

pay interest 225 as ankita calculated

4 months

30-09-2011 - 1 month

30-10-2011 - 1month

30-11-2011 -1 month

07-12-20111 - 1month

4 month interest as per income tax Act =5000*1.5*4=300

Interest Rs. 300 of 4 month is correct. You should revised your return after deposit interest.

Interst should be 5000*1.5%*4=300

Further there is rule that if you get notice of TDS then you are required to solve notice within 30days of notice,otherwise you liable for additional interest 1% i.e 300*1%*(months fron expiry of 30days to payment date)

So easy way is that login in tds-CPC ,Check inbox containing notice,if not then only pay 300 and revise return.

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