what are interest rates for late payment of TDS

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.

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.

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

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

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

Dear Bijal Shah,
 

You have to deduct tax as per the provision of section 194-C (commission) for the payment made to your agent who is booking hotels for you. Rate of TDS should be 10.3% on the amount paid or credited in his account.

And you have also deduct tax as per the provision os 194-I (Rent) for the payment made to hotels.

What will be the penality for the late payment of TDS?

What are Interest rates for the Late Payment of TDS on Salaries & Rents Please send me mail to calculate my office salries and rents for the month of May, June & July mOnths