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Discussion > Accounts >

what are interest rates for late payment of TDS

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Accounts


[ Scorecard : 38]
Posted On 03 March 2008 at 16:39 Report Abuse

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......


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M.Sriram Shenoy
CA Final


[ Scorecard : 794]
Posted On 03 March 2008 at 16:46

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.




Vijay
CA


[ Scorecard : 254]
Posted On 04 March 2008 at 11:12

Yes , sriram is corect



CA. Kirti S. Ganatra
Service


[ Scorecard : 1461]
Posted On 04 March 2008 at 13:13

1% p.m.



Deepa
Accounts


[ Scorecard : 38]
Posted On 05 March 2008 at 17:11

thanks Shriram , vijay , Kirti



(Guest)
Posted On 28 March 2008 at 22:00

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.




Harshit Jain
Profession


[ Scorecard : 22]
Posted On 08 April 2008 at 12:21

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.




Deepa
Accounts


[ Scorecard : 38]
Posted On 08 April 2008 at 17:17

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




Bijal
Chartered Accountant


[ Scorecard : 20]
Posted On 04 June 2008 at 12:17

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

 




RAJASREE
Audit Assisstant


[ Scorecard : 27]
Posted On 24 June 2008 at 16:13

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



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