TDS on FD interest income is calculated at 10% of the interest earned if it exceeds a certain threshold. For individuals under 60, the threshold is ₹40,000, while for senior citizens, it is ₹50,000. If your total taxable income is below the exemption limit, you can avoid TDS dedu...
The calculation of interest is on PER MONTH basis NOT on number of DAYS basis i.e. PART of month to be considered as FULL month. Note: The Payment of interest should be from the Date on which TDS was deducted, NOT from the date on which TDS Challan is due. Unlock Ad-Free CAclubin...
When I do out going payment to customer (interest paid) through f-31, TDS is deducting correctly but i do not want to calculate the WTH tax twice. If I take out the tax code at interest calculation run level (F.2B), system is ignoring the WTH tax amt at outgoing payment to customer...
Late-payment of TDS: The deducted TDS by the payer should be credited to the government on every 7th day of the succeeding month in which the tax has been deducted. If the deductor fails to do so, an interest at the rate of 1.5% per month of the TDS amount subject to maximum amount...
194LD Payment of interest on rupee-denominated bonds, municipal debt security, and government securities NA 5% 5% 194M Amounts paid for contract, brokerage, commission or professional fee (other than 194C, 194H, 194J) Rs. 50,00,000 5% 5% 194N In case cash withdrawal over a certain amoun...
You can add Interest if you have failed to deduct TDS for this liability, or if you have not paid the full or partial tax to the government after deduction. Enter the Challan Number, BSR Code (Branch Code) of the challan and select the Payment Date. Select the Paid Through account. Sel...
In the Fee type field, select the type of payment fee: None Interest –Interest is charged on late payments that are made to the TDS authority vendor. Others –Other charges are charged on late payments that are made to the TDS authority vendor. If you...
To calculate TDS interest, you can follow these steps: Step 1:Determine the due date of TDS payment - This is the date by which the TDS amount should have been deposited with the government. Step 2:Determine the actual date of TDS payment - This is the date on which the TDS amount wa...
Example:Suppose your annual gross income is INR 8 lakh. Your home loan interest payment amounts to INR 1.5 lakh a year and the annual ELSS investments stand at INR 1 lakh. In addition to this, you have paid annual health insurance premiums amounting to INR 8,000. ...
Step by Step Procedures to Make TDS Late Payment Interest Calculator in Excel Suppose, you have a dataset containing the Name, Date of Invoice, Due Amount, Credit Period, Payment Date and Interest Per Year of some citizen. They did not pay their TDS amount on the Date of payment. So, no...