TDS related doubt

How to calculate interest on TDS amount for late filing of TDS amount?

Dear Sudipa Majumder,

You have replied me a quesion!

Please post your quesion as question.

Regards,

Sridhar.

ps.  TDS amount can not be filed lately. TDS return can be filed lately. Please rephrase your question. I can not under stand your quesion.

Hi Sridhar,

I was asking about interest on late filling of TDS Return. Can u pls tell me what is the procedure to calculate? and what is the current rate of interest?

Dear Sudipa Majumder,

There is no interest on late filing of TDS Returns. But there is penalty of Rs. 100 for every day from the date on which the return ought to have been filed to the date on which the return is actually filed.

Interest has to be paid by the deductor on the late remittance of TDS into the credit of Central Government at the rate of 1.5% per month or part of month.

In addition, interest has to be paid by the deductor on the late deduction of tax from the deductee at the rate of 1% per month or part of month. For more detail, read Section  201(1A) read with Rule 119A.

I am getting an excel template file to calculate the interest ready. If you want, I send it to you after getting it ready. If you want, send me your request.

Thanks,

Sridharan R.

Salem.

Hi Sridharan,

Thanks a lot for your help. It'll be very good for me, if you send me the interest calculator excel file. Requesting you to send the file. Anticipating a quick response from ur side.

Thanks in advance,

Sudipta M.

TO SUDIPTA MAJUMDER,

I attached  the file you requested.

Sridhar.