06 January 2013
If u make payment to sub contractors without deducting tds and after some 3 months if u want to remit tds to govt. What % of interest rate is applicable and from which date is it applicable i.e, from date of payment to sub-contractors or from the date when u pass an entry deducting tds in tally?
Interest from 01.07.2010 For late deduction of Tax deduction at source-(period date from tax deductible to date of actual deduction )(rate 1 % per month or part thereof) For late deposit of TDS after deduction (period :date from tax deducted and date of actual deposit)(rate 1.5 % per month or part thereof)
your right except interest for late deposit of TDS after deduction the rate of interest @1.5% from the date of amount paid to party/book entry to actual date of payment
CAclubindia
