Urgent- Interest on short deposit of TDS

Originally posted by : CA Shyam Sunder Agarwal
	Dear friends, We have deducted TDS u/s 192 on 30th Apr'11 Rs 1,50,000/- and deposit the same on 07th May'11 Rs 1,00,000/- and balance on 08th May'11 Rs 50,000/-. On 1st July'11 (i.e. today) our auditor is saying we need to pay interest on Rs 50,000/- towards late paymnet of TDS. My question is how much of interest we need to pay today? whether it is On Rs 50,000 for 1 Month @ 1.5% =Rs 750   or, On Rs 50,000 for 1 Month @ 1.5%=Rs750    Plus     On Rs 750/- for 2 Month (June & July) @ 1.5% = Rs 23 Total Rs 773/- Please give your valuable suggestion. Its Urgent.

Dear friend if you not yet remitted Rs.50000/- till date Interest to be remmited for 2month becouse IT provision say 1.5 % for month or part of the month so you have to remmit interest =50000*1.5%*2=1500 

hi

please confirm when u have paid remaining 50000 on 8th May or 1st July

if u have paid on 8th may means only 1 month interest is enough

yes if still not apid then two month interst otherwise 1 month interest , if paid on or before 7th

agree with above

Balance TDS of Rs 50,000/- deposited on 08th May'11 itself. Only Interest for delayed payment not yet paid. Please reply how much of interest should I deposit now?

1 month interest show the amt in interest colum 

ONLY one month interest should be paid to u only 750/-only

Originally posted by : valji
	yes if still not apid then two month interst otherwise 1 month interest , if paid on or before 7th agree with above

AGREED.

Amount deposited on 08/05/2011 then only one month interest Rs. 750/- only to be deposited.

Dear Friends,

TDS Date of deduction 30/04/2011, so due date 07/05/2011 & remaining Amt.Rs.50,000/- paid on 08/05/2011 means one day late (one day = one month). So interest for 2 months (April & May). Interest Calculation, Date Of Deduction to Date Of Payment.

50000 x 2 x 1.5% = 1500/-