What is the procedure of calculating interest on Late Payment?
Deposit late payment interest @ 1.5% per month or part of the month from the date of deduction till date of deposit.
Procedure for calculating Late Payment:
| Amount Paid / Credited (Rs.) | TDS Deducted (Rs.) | TDS Deposited (Rs.) | TDS Credit Allowed to the Extent of Available Balance (Rs.) | Interest Calculation | ||||
|---|---|---|---|---|---|---|---|---|
| Date of Deduction(dd-mmm-yyyy) | Due Date for TDS Deposit(dd-mmm-yyyy) | Date of Deposit as Per OLTAS(dd-mmm-yyyy) | Period of Delay in Months | Interest on Late Payment U/S 201 (1A)(Rs.)(Col 4 * 8 * 1.5%) | ||||
| 100000.00 | 10000.00 | 5000.00 | 4000.00 | 4-Mar-2012 | 30-Apr-2012 | 7-May-2012 | 3 | 180.00 |
| Total | 180.00 | |||||||
Calculation
No. of months in Defaults = 3 i.e., Mar-12 to May-12
4000*1.5%*3(Months) =180.00
