Interest on TDS

Yes you are liable to pay interest for delay in deduction of tax at source @ 1% p. m. i. e. 11% in your case.

YES, YOU ARE LIABLE TO PAY INTEREST @ 1% ON  PAYMENT OF RS.1,00,000/-SO, IN YOUR CASE TDS LIBILITY WILL BE FOR 11 MONTHS, AS UNDER:-

TDS=10.3% of 1,00,000=10300/-

INTEREST=11% of 10300=1133

SO, TDS WITH INTERST=10300+1133=11433/-

Mr. Shailendra is absolutely right

ya sailendra is right

yaaa

Mr. Shailendra is right.

Interest will be charged @ 1% per month.  i.e. 11% in your case......

Thanks to all

THANKYOU VERY MUCH

Originally posted by : shailendra
	YES, YOU ARE LIABLE TO PAY INTEREST @ 1% ON  PAYMENT OF RS.1,00,000/-SO, IN YOUR CASE TDS LIBILITY WILL BE FOR 11 MONTHS, AS UNDER:- TDS=10.3% of 1,00,000=10300/- INTEREST=11% of 10300=1133 SO, TDS WITH INTERST=10300+1133=11433/-

TDS=10% of 1,00,000=10,000/-

INTEREST=11% of 10,000=1,100

SO, TDS WITH INTERST=10,000+1,100=11,100/-

I think S.tax is 10.3% nothing is TDS.

Any comments are welcome in my post.

Thanks

Originally posted by : Rahul Sharma
	Originally posted by : shailendra YES, YOU ARE LIABLE TO PAY INTEREST @ 1% ON  PAYMENT OF RS.1,00,000/-SO, IN YOUR CASE TDS LIBILITY WILL BE FOR 11 MONTHS, AS UNDER:- TDS=10.3% of 1,00,000=10300/- INTEREST=11% of 10300=1133 SO, TDS WITH INTERST=10300+1133=11433/-   TDS=10% of 1,00,000=10,000/- INTEREST=11% of 10,000=1,100 SO, TDS WITH INTERST=10,000+1,100=11,100/-   I think S.tax is 10.3% nothing is TDS.   Any comments are welcome in my post. Thanks

DEAR RAHUL,

THANKS FOR CLARIFYING MY DOUBTS IN THIS REGARD. YES, YOU ARE RIGHT. IT IS EFFECTIVE FROM F.Y.2009-10.