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Interest calculation

TDS / TCS 579 views 2 replies

 

Dear Madam/Sir
Please help me regarding calculation of Interest. on TDS
Date of Bill-01.04.12
Date of Payment-01.04.12
Date of Deposit-30.06.12
What will be the Answer if
Date of Bill-01.04.12
Date of Payment-30.06.12
Date of Deposit-30.06.12
Thanks in Advance
Replies (2)

If deduction has not been made in books - from date of credit in books to date of deduction - 1% pm/ part of the month

From date of deduction to date of payment of TDS - 1.5% pm/ part of the month.

 

In your 1st case: 1.5% for 3 months

2nd case: 

If you have recorded the expenditure in your books of account on 1/4/12 then 1% for 3 months

If you have recorded the expenditure on 30/6/12 then no interest.

(ie, depending on your accounting policy)

 

Dear all  

 

 

While preparing the Form 24Q, if deductor deducted the tds every month among the employee's salary, the gross monthly salry will be shown in deduction column by monthly in every quarterly 24Q. But, If any employee's tds deducted only in last month (March), which amount should shown in deduction column (whether monthly salary total (or) yearly salary total) ?

 

 

Regards


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