Interest on tds

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Professional
21 Points Posted on 28 December 2013

Dear All,

For A.Y.2013-14 TDS return for 4th quarter was filed on 15/05/2013 and date of deduction was 31/03/2013 and date of challan was 15/05/2013,amount Rs. 15404/-. Now please tell me  the calculation of Interest for the delay of TDS payment and the period for which interest is to be calculated?
 
Regards
 

 
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On 28 December 2013 at 14:53 Report
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Posted on 28 December 2013
Interest will be calculated from date of deduction to the date of payment on monthly basis @ 1.5%. i.e. Date of deduction: 31.03.2013 n date of payment: 05.05.2013 interest: for mar, apr n may month (1.5% X 3 months X TDS amount)
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On 28 December 2013 at 15:55
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Accounts Manager - Taxation
1316 Points Posted on 28 December 2013
Agree with Mr. Manish, Interest for 3 Months is applicable
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On 28 December 2013 at 16:19
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Chartered Accountant
206 Points Posted on 28 December 2013

Total amount of Interest will be Rs.693.18/- as per the calculation of Manish above i.e. TDS X 1.5% X 3 months.

When TDS is not paid by its due date, then interest should be charged from the date of "PAYMENT" and not from the date of "DUE DATE"

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On 28 December 2013 at 16:22
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ARTICLE STUDENT
147 Points Posted on 30 December 2013
Yes, Agree with Mr. Manish... Interest shuold pay for 3 months.
1 Reply
On 30 December 2013 at 10:28

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