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Tds interest calculation
Invoice date : 31/7/2017Amount ₹53204/-Invoice date : 31/8/2017Amount ₹21879/- Tds u/s 194 c @ 2 (payment to a company)Payment done on 20/9/2017 amounting to ₹39200/- (40000-2 tds) and balance is to be paid yet.So how much would be the interest on the tds amount if I deposit 800 on 06/10/2017?
Replies (17)
First of above said bill amount including GST or not...?
If GST is exclude then you ll be deduct TDS for billed amount...
If GST is exclude then you ll be deduct TDS for billed amount...
Due date is 07/10... So, no need interest
You have to pay interest as due date to deposit TDS is 07 Sept & 07 Oct.....
Sorry date is 07 Aug & 07 Sept respectively
So in short I will have to deduct tds at 2% for both the invoices and deposit the same with interest on or before 7/10/2017
It’s excluding gst.
Yes you have to deposit with int @ 1.5% p.m.
Sir I guess interest will be charged as we need to consider the invoice date and not the payment date. Right?
Under Section 201(1A) for late deposit of TDS after deduction, you have to pay interest. Interest is at the rate of 1.5% per month from the date at which TDS was deducted to the actual date of deposit. Note, that this is to be calculated on a monthly basis and not based on the number of days i.e. part of a month is considered as a full month.
Dear Dolly.,
You can deduct between months any date. But, Payment ll be made on next month dates before 7th....
You can deduct between months any date. But, Payment ll be made on next month dates before 7th....
Dolly.,
You are deduct TDS on payment of bills. Date of deduction on 20/09/2017... This deductible amounts due date next months 7th.. It's in 07/10/2017. But, You paid/deposit on 06/10/2017 then how is attract interest... No way for interest...
You ll ask my way of reply any experts or your CA. They ll confirm it...
You are deduct TDS on payment of bills. Date of deduction on 20/09/2017... This deductible amounts due date next months 7th.. It's in 07/10/2017. But, You paid/deposit on 06/10/2017 then how is attract interest... No way for interest...
You ll ask my way of reply any experts or your CA. They ll confirm it...
Agreed with Raja.....
Dont focused that you didnt pay such amt....as you don't pay amt so you don't have to pay ibt
Dont focused that you didnt pay such amt....as you don't pay amt so you don't have to pay ibt
I am getting confused. My only query is that the date of deduction is the invoice date or date of making payment for the respective invoice? If it’s the invoice date then I have to pay interest. If its the date of payment then no interest.
Date of deduction is payment date....
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