Evey individual who is earning income need to pay income tax to the government and it is the basic responsibility of every person to pay the income tax on right time. If we don’t pay income tax at the right time then we will be fined with some extra charges and government has also right to take legal actions, this will be applicable to both individuals and business organizations. According to section 201 of the Income Tax act 1961, there is 1% of interest will be charged on late payments of income tax. After that interest will be increased to 1.5% and here we are going to learn how to calculate TDS interest in excel sheet.
We Need following Details for TDS Interest calculation Formula in Excel purpose :
- Deducted Name
- Deducted Pan Number
- Date of Deduction
- Amount Credited
- TDS
- Challan Number
- Date of Payment
- BRS Code
- Section
↓Download Calculation of TDS Interest Excel Format
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TDS Rate Charte:
| NATURE OF PAYMENT | SECTION | TDS % | LIMIT |
| SALARIES | 192 | (AVERAGE RATE OF INCOME TAX ON THE BASIS OF TAX RATES IN FORCE FOR THE FINANCIAL YEAR IN WHICH PAYMENT IS MADE) | |
| INTEREST ON SECURITIES | 193 | 10 | Interest on Securities – 10,000/- Interest on Debentures – 5,000/- |
| DEEMED DIVIDEND U/S. 2(22) (E) | 194 | 10 | 2500 (LOANS & ADVANCES TO THE DIRECTORS OR FAMILY MEMBERS WHO ARE HAVING A MINIMUM OF 10% OF SHAREHOLDING OR MORE) |
| INTEREST – PAYABLE BY BANK | 194A | 10 | 10000 |
| INTEREST – PAYABLE BY OTHERS | 194 A | 10 | 5000 |
| WINNING FROM LOTTERIES ETC | 194 B | 30 | 10000 |
| WINNINGS FROM HORSE RACE | 194 BB | 30 | 10000 |
| PAYMENT TO CONTRACTOR: INDIVIDUAL / HUF OTHERS OTHERS | 194 C | 1 2 | Single Transaction – 30,000/- Aggregate during the FY – 100000/- |
| INSURANCE COMMISSION | 194 D | 5 | 15000 |
| NON-EXEMPT PAYMENTS IN RESPECT OF LIC POLICY | 194DA | 1 | 100000 |
| PAYMENT TO NON RESIDENT SPORTSMEN / SPORTS ASSOCIATION | 194E | 20 | |
| PAYMENT IN RESPECT OF DEPOSIT UNDER NATIONAL SAVINGS SCHEME | 194EE | 10 | 2500 |
| PAYMENT ON ACCOUNT OF REPURCHASE OF UNIT BY MUTUAL FUND OR UNIT TRUST OF INDIA | 194F | 20 | No Minimum |
| COMMISSION ON SALE OF LOTTERY TICKETS | 194G | 5 | 15000 |
| COMMISSION / BROKERAGE | 194H | 5 | 15000 |
| RENT : A) PLANT & MACHINERY B) LAND OR BUILDING OR FURNITURE OR FITTING | 194I | 2 10 | 180000 |
| PAYMENT ON TRANSFER OF IMMOVABLE PROPERTY OTHER THAN AGRICULTURAL LAND | 194IA | 1 | 5000000 |
| PAYMENT OF RENT BY INDIVIDUAL OR HUF NOT LIABLE TO TAX AUDIT (W.E.F. 01.06.2017) | 194IB | 5 | 50000 P.M |
| PAYMENT OF MONETARY CONSIDERATION UNDER JOINT DEVELOPMENT AGREEMENTS | 194IC | 10 | No Minimum |
| PROFESSIONAL FEES/TECHNICAL FEES/ROYALTY/REMUNERATION FEE,/COMMISSION TO A DIRECTOR/PAYMENT FOR NOT CARRYING OUT ANY ACTIVITY IN RELATION TO ANY BUSINESS/PAYMENT FOR NOT SHARING ANY KNOW -HOW PATENT, COPYRIGHTS ETC | 194J | 10 | 30000 |
| COMPENSATION ON COMPULSORY ACQUISITION OF IMMOVABLE PROPERTY OTHER THAN AGRICULTURAL LAND | 194LA | 10 | 250000 |
| PAYMENT OF INTEREST ON INFRASTRUCTURE DEBT FUND | 194LB | 5 | – |
| BUSINESS TRUST SHALL DEDUCT TAX WHILE DISTRIBUTING ANY INTEREST INCOME RECEIVED OR RECEIVABLE BY IT FROM A SPV TO ITS UNIT HOLDERS | 194LB(2) | 5 | – |
| BUSINESS TRUST SHALL DEDUCT TAX WHILE DISTRIBUTING ANY INCOME RECEIVED FROM RENTING OR LEASING OR LETTING OUT ANY REAL ESTATE ASSET OWNED DIRECTLY BY IT TO ITS UNIT HOLDERS. | 194LB(3) | 30 | – |
| INVESTMENT FUND PAYING AN INCOME TO A UNIT HOLDER [OTHER THAN INCOME WHICH IS EXEMPT UNDER SECTION 10(23FBB)]. | 194LBB | 30 | – |
| INCOME IN RESPECT OF INVESTMENT MADE IN A SECURITISATION TRUST (SPECIFIED IN EXPLANATION OF SECTION115TCA) | 194LBC | 30 | – |
| PAYMENT OF INTEREST BY AN INDIAN COMPANY OR A BUSINESS TRUST IN RESPECT OF MONEY BORROWED IN FOREIGN CURRENCY UNDER A LOAN AGREEMENT OR BY WAY OF ISSUE OF LONG-TERM BONDS (INCLUDING LONG-TERM INFRASTRUCTURE BOND) | 194LC | 5 | NOTE: WITH EFFECT FROM APRIL 1, 2018 BENEFIT OF SUCH CONCESSIONAL TDS RATE HAS BEEN FURTHER EXTENDED BY THREE YEARS. NOW TDS AT CONCESSIONAL RATE OF 5% WILL BE APPLICABLE FOR BORROWINGS MADE BEFORE JULY 1, 2020. |
| INCOME FROM UNITS (INCLUDING LONG-TERM CAPITAL GAIN ON TRANSFER OF SUCH UNITS) TO AN OFFSHORE FUND | 196B | 10 | – |
| INCOME FROM FOREIGN CURRENCY BONDS OR GDR OF AN INDIAN COMPANY (INCLUDING LONG-TERM CAPITAL GAIN ON TRANSFER OF SUCH BONDS OR GDR) | 196C | 10 | – |
| INCOME OF FOREIGN INSTITUTIONAL INVESTORS FROM SECURITIES (NOT BEING DIVIDEND OR CAPITAL GAIN ARISING FROM SUCH SECURITIES) | 196D | 20 | – |