Interest calculation on late deposit tds by cpc

TDS 2308 views 6 replies

please see below table.

 

as per my calculation

Date of Deduction Date of Deposit Delay in deposit (Days) Delay for Interest Days Delay for Interest Months
09-Jul-12 06-Nov-12 91 120 4
01-Aug-12 06-Nov-12 60 97 4
01-Sep-12 06-Nov-12 30 66 3
09-Jul-12 07-Nov-12 92 121 5
01-Aug-12 07-Nov-12 61 98 4
01-Aug-12 07-Nov-12 61 98 4
01-Sep-12 07-Nov-12 31 67 3
30-Aug-12 06-Nov-12 60 68 3
16-Aug-12 06-Nov-12 60 82 3
16-Aug-12 06-Nov-12 60 82 3
23-Aug-12 06-Nov-12 60 75 3
09-Aug-12 06-Nov-12 60 89 3
25-Aug-12 06-Nov-12 60 73 3
         

but cpc calculate 

 

Date of Deduction
(dd-mmm-yyyy)
[422]
Due Date for TDS Deposit
(dd-mmm-yyyy)
Date of Deposit as Per OLTAS
(dd-mmm-yyyy)
Period of Delay in Months
(Col 16 - Col 14)
14 15 16 17
9-Jul-2012 7-Aug-2012 7-Nov-2012 5
1-Aug-2012 7-Sep-2012 7-Nov-2012 4
1-Sep-2012 8-Oct-2012 7-Nov-2012 3
9-Aug-2012 7-Sep-2012 6-Nov-2012 4
16-Aug-2012 7-Sep-2012 6-Nov-2012 4
16-Aug-2012 7-Sep-2012 6-Nov-2012 4
23-Aug-2012 7-Sep-2012 6-Nov-2012 4
25-Aug-2012 7-Sep-2012 6-Nov-2012 4
30-Aug-2012 7-Sep-2012 6-Nov-2012 4
9-Jul-2012 7-Aug-2012 6-Nov-2012 5
1-Aug-2012 7-Sep-2012 6-Nov-2012 4
1-Sep-2012 8-Oct-2012 6-Nov-2012 3

pl let me know who is wrong?


Attached File : 598187 1194220 delay of tds deposit rdc.xls downloaded: 305 times
Replies (6)

Mr.Sexana as far as i concer the delay in months column is wrongly calculated...

The interest is for month or part there of 

/forum/details.asp?mod_id=253779&offset=1

example for interest calculation on late deposit by cpc

date of deduction  09-07-2012

date of deposit       06-11-2012

calculation:-

july 12     09-07-12 to 31-07-12

august 12 01-08-12 to 31-08-12

september12 01-09-12 to 30-09-12

october 12 01-10-12 to 31-10-12

november 12 01-11-12 to 06-11-12

for interest calculation on late deposit TDS consider as 5 months. 

Dear Saxena,

Interest will be calculated from the due date and not form the date of deudction,

for example in your case,

date of deudction 09/07/2012

due date                 07/08/2012

date of deposits    07/11/2012

Delay will be from August 2013 to the month of deposits i.e. from august 2013 to Nov 2012, i.e 4 month.

In the same manner please correct your delay in month column. i.e. (col 16 - col15)

Dear All

The interest is charged as below.

1 Once you fail to deposit the tax by due date ie. by 7th of the following month in general case. interest is charged from the date of deduction and a part of the month is considered a complete month for that purpose. Your computaton seems to be correct for first case.

For fourth entry below how you computed it for 5 months instead of 4.

 

Date of deduction Date of deposit Months
9/7/2012 6/11/2012 4.00
    09/07/2012 to 08/08/2012
    09/08/2012 to 08/09/2012
    09/09/2012 to 08/10/2012
    09/10/2012 to 08/11/2012( 06/11/2012)

 

 

 

 

 

 

Deduction date Deposit Date     Yours My computation CPC
9-Jul-12
6-Nov-12 91 120 4 4 5
1-Aug-12 6-Nov-12 60 97 4 4 4
1-Sep-12 6-Nov-12 30 66 3 3 3
9-Jul-12 7-Nov-12 92 121 5 4 5
1-Aug-12 7-Nov-12 61 98 4 4 4
1-Aug-12 7-Nov-12 61 98 4 4 4
1-Sep-12 7-Nov-12 31 67 3 3 3
30-Aug-12 6-Nov-12 60 68 3 3 4
16-Aug-12 6-Nov-12 60 82 3 3 4
16-Aug-12 6-Nov-12 60 82 3 3 4
23-Aug-12 6-Nov-12 60 75 3 3 4
9-Aug-12 6-Nov-12 60 89 3 3 4
25-Aug-12 6-Nov-12 60 73 3 3 4

Well the Intimation Under Section 200A mentions the Interest & Levy Computation Logic

Notes 1. a. & b

where they calculate the Interest from the Date of Deduction till the Date of deposit of tax.

logically its unfair.. but rules says it :(
I hope some changes come to such rules..

Originally posted by : N.K. Saxena

 

 

 

thanks to all

i am agree with surana. this rule must be amended . for example if we deposit tds on 8th july which was dedecuted on 30th june then we have to pay 2 month interest . but fault of assessee is only  8 days. It is unfair.

 


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