How much interest on TDS should I deduct in my following case.
1. I had made provision for Interest on 31/03/2009 & for which i should pay TDS up to 31/05/2009 but if i pay along with interest on 15/09/2009. Then for how many month should i consider for interest? Whether it will be 4 month starting from 01/06/2009 or 6 month starting from 01/04/2009
due date is of course 31st May and interst to be calculated from that day
Dear,
From the 1st April you have to pay the Interest @ 12% pa for a month or part there of.
The interest in the above case shall be calculated from the due date i.e for the 4 months .
Although the act says interest shall be calculated from the date of deduction but from the interpretation of my authours the same sould be calculated from the due date of payments
i case of any query pls contact me
dear if the t.d.s is not paid within the due date interest is calculated from the date of deduction n not from the due date . in ur case the interst will b calculated frm 1st april , i.e. 4 6 months,
CAclubindia
