Tds late payment interest calculation and correct statement

       

PAN  DATE OF DEDUCTION DATE OF PAYMENT  DEFULT DAYS  DEFULT MONTH
A 4-Mar-14 3-May-14 60 2
B 4-Mar-14 4-May-14 61 3
C 4-Mar-14 7-May-14 64 3

IS IT CORRECT OR NOT PLZ GIVE ME SOME IDEA ...????

also in case of short payment month calculation is it the procedure...

Thanx in adv.

 

Replies (10)

For TDS interest purposes, number of days is irrelevant as part of a month is considered as a whole month. Your above calculation is correct and I am sure even in case of short payment, the same calculation would apply.

FOR PAN A:---IT SHOULD BE 3 MONTHS

AS MARCH IS 1ST MONTH, APRIL 2ND MONTH & MAY 3RD

For deductions made during the month of March, payment must be made on or before 30th April.

In the case of PAN A also we have to pay interest for 3 months. Number of days is irrelevant.

For PAN A it will be two months. The act states "Interest will be calculated from the date of deduction and any part of month thereof shall be considered as whole for calculation purposes" Number of months will be calculated from the date of deduction I.e 4th and not from 1st of the month.

3 Months Default In All Cases

last date of payment wasApril 30 .so default for 2 month and you have to pay interest for 2 month. But i am syore if intimation from cpc recd in future they will charge interest for 3 month due .
In all cases 3 months interest is applicable as interest is calculated from date of deduction.

3 months is taken in all cases because interest is calculated from date of deduction to the date of payment.

in my opinion 3 months

plz any one give contact details bcz i wants to discuss about it and some question about RPU correction statement.....

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