Hi All,
My Query....I waana pay TDS Tax on rent since 01.04.2013 to 12/31/2013 ...My tax total amount 37121 rs for (April to Oct 13 amount 4079.30/month and nov/dec 4283/month.
What is late interest rate for these months....jan 7th is last date for last Quarter. delayed oneday paid on 08.01.2014 ......paid tax 2035rs.
Will please help me how to calculate this amount.
many thanks
raghav
Your Total Tax will be Rs. 3712.11 + Interest calculated as below.
Late interest rate is 1.5% p.m.
To calculate interest:
Calculate interest on above rate from date of deduction of TDS on every transaction till actual date of payment.
Note:Any fraction of a month shall be deemed to be a full month e.g. you have delayed for 1 month and 2 days then, to calculate interest you have to consider this as 2 months.
CAclubindia
