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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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.
 
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Yes , sriram is corect
 
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1% p.m.
 
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thanks Shriram , vijay , Kirti
 
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(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.

 
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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.

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

 
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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

 

 
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Audit Assisstant


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

 
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