For AY 2013 - 14, an individual has erroneously considered Rs. 20000 exemption under Infrastructrue bonds. Therefore there is tax shortfall of Rs.2000 plus education cess of Rs. 60.
Now while filing the 24Q TDS return, the last salary received was on 01.03.2013 therefore the due date for tax deposit was 30.04.2013. However the employee has not deposited the tax till date.
Therefore under the circumstances my understanding of the interest calcuation is as follows:
Tax amount due - Rs. 2060 (Rounded off to nearest Rs. 100) = Rs. 2100
Delayed deduction - 01/04/13 - 30/04/13(1st month), 01/05/13 - 31/05/13(2nd month)
Interest Calculation - Rs. 2100*1%*2months = 42
My confusion is that some calculators are showing the period as 3 months. Kindly inform whether I should consider 2 or 3 months for the interest calculations
CAclubindia
