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Tds....

TDS / TCS 461 views 1 replies

HELLO,

SUPPOSE PROPERTY WAS RENTED FOR THE PERIOD APRIL'2011-MARCH 2012 AND SUPPOSE IF RS 1000 TDS WAS TO
BE GET DEDUCTED FOR THAT PERIOD(APRIL-2011 TO MARCH-2012) WHICH DID NOT GET DEDUCTED?

WILL THERE NE ANY PEANL INTERST IF DEDUDECT AND DEPOSITED NOW AND HOW THE INTERST WILL BE CALCULATED?

MEANS IS IT CALCULATED LIKE RS 1000*12(MONTHS)*PENAL INTERST RATE=RS 12000*INTERST OR
WILL IT BE CALCULATED LIKE THIS:
FOR APRIL'2011---RS 1000+INTERST FOR 11 MONTHS AND SO ON FOR REMMANING MONTHS OF FY 11-12?
THNX IN ADVANCE

Replies (1)

Penal interest is charged monthwise.

April - 1000 x interest x 11 months

May - 1000 x interest x 10 months

so on and so forth.

Non-deduction - 1%

Non-deposit - 1.5%

Check section 271C


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