hiii,
A payment was made on 8/10/2012 but forgot to deduct TDS and the same was deducted and deposited on 5/12/2013 without the interest payment.
Now a notice has been received from the department for payment of interest. Kindly advice whether the interest calculation is to be made till Dec'12 or till date.
Interest is calculated from the date of payment. i.e 8/10/2012. you have to calculate the interest of 15 month.
rate is 1.5% per month & part there of. i.e 15 months interest is calculated.
if the date is 10/08/2012 to 12/05/2013 thn interest should be calculated for 10 months...
Dear abhishek,
If it is 12 May, then for 10 months. In your first message you wrote 5/12 which may be construed as 5 December.
Mr.Nikhil Kaushik
I am Sorry for my 1st msg. i understand 5/12 as a 5th december 2013. bt thn realized so i correct my mistake..you can see my 2nd msg.
dear Abhishek,
u r absolutely ryt...
CAclubindia
