interest calculation

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12 Points Joined April 2017
whether interest calculated on no of days or no of months and whether it is 18% or 1.5 % per month
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On 26 September 2017 at 21:43 Report
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Chartered Accountant
350 Points Joined February 2014
As per my view it is calculated on No. of Days.. And the rate is 18% p. a.
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On 26 September 2017 at 21:47
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12 Points Joined April 2017
But interests 18 % per annum, then how to calculate for month interest
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On 26 September 2017 at 21:52
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Chartered Accountant
350 Points Joined February 2014
Calculate on days
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On 26 September 2017 at 21:53
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Chartered Accountant
350 Points Joined February 2014
First calculate for one year then divide it by 365
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On 26 September 2017 at 21:54
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Don't be confused the calculation of Interest... Just you ll follow the way...

Tax Liability (X) 18% (/) 365 (X) No.of Days later (after 20th)


If August liability amount is Rs. 10000 ,Payment on 25th September....

10000 x 18% = 1800 / 365 = 4.93 x 5 = 24.66 R. off 0.34 = 25....
Interest amount Rs. 25.....for 5days....
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On 26 September 2017 at 21:59
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12 Points Joined April 2017
Then we can divide that 18% into 18/12- 1.5 per month
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On 26 September 2017 at 22:00
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Chartered Accountant
350 Points Joined February 2014
Your interest will be approx same but the Correct way to calculate is as per Raja P M sir told..
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On 26 September 2017 at 22:04
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12 Points Joined April 2017
we can calculate in this way by 1.5 per month or we have to 18% per month
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On 26 September 2017 at 22:04
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Chartered Accountant
350 Points Joined February 2014
18% per year.. Its not per month
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On 26 September 2017 at 22:06
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12 Points Joined April 2017
thank you so much for your good information regarding interest calculation to Amit Kumar sir and raja p m sir
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On 26 September 2017 at 22:14
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Chartered Accountant
350 Points Joined February 2014
Your Welcome
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On 26 September 2017 at 22:17
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
You are welcome...
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On 26 September 2017 at 22:24
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CA
287 Points Joined August 2017

Interest calculations from the due date i.e. 1000*18/100*1/365= Rs. 0.49 per day approximately.

 You can try a free online Indian GST calculator to calculator for any of your products or services.

 

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On 28 September 2017 at 14:32


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