close x


what are interest rates for late payment of TDS


what is the interest rate if due to insufficant funds we failed pay TDS ammount on time.

plz xplain me thorugh exmaple. if TDS amt which is pending is 20000/- then......

 
Reply   
 

Assuming TDS amount is Rs.20000, then you will be liable to pay interest @ 1% per month (on the TDS amount) for every month of delay i-e from the date on which it is liable to be remitted till the date of actual remittance.So interest amount per month will be Rs.200 (Rs.20000*1% p.m.). Multiply this by number of months of delay.Your interest on delay payment of TDS is arrived at.

 
Reply   
 



Yes , sriram is corect

 
Reply   
 

1% p.m.

 
Reply   
 

thanks Shriram , vijay , Kirti

 
Reply   
 
(Guest)

I was scraching my head for this clarification as my client is unable to credit the TDS collected by him into the Bank before 31-3-2008 and what would be the interest/penalty. Deepa, your query has saved my face. Thanks. But the real thanks goes to Sriram, Vijay and Kirti.

 
Reply   
 

If i had deducted TDS on 13/12/2007 and deposited the same on 07/04/2008, that is, yesterday, tghen how will the TDS be calculated.

I mean would it be on a day to day basis or if on monthly basis, how much will i have to pay, 3 months or 4 months....Kinldy advice.

 
Reply   
 

how can we know our TDS circle. what it is ? where it is written?

 
Reply   
 
Chartered Accountant


Dear Colleagues

I have done the contract with one Agency and that agency is doing booking of 5 to 6 hotels on behalf of us. we will give them certain % of total billing amount of hotels. so on what basis we have to deduct TDS and how much %

Kindly reply me ASAP

Regards

Bijal Shah

 

 
Reply   
 
Audit Assisstant


is there any penalty for late payment or non payment of tds?

 
Reply   
 

LEAVE A REPLY



    

Your are not logged in . Please login to post replies

Click here to login   Click here to Register



 



Share on :