important tds on interest paid
This query is : Resolved
18 November 2010
We deducted TDS on Labour charges 3500*1% i.e Rs. 35 on 5.10.2010 (actual limti cross 75000 in a year). But till date we did not deposit that amount. So, my Query is,we have to pay interest on rs.. 35/- if TDS amount rounded off nearest Rs. 100, for interest calculation.Can u tell me, we have to pay interest if TDS amount less than rs.s. 50?
18 November 2010
Yes, You have to pay interest,but not 1%. it is 1.50% pm. WEF 01-07-10.
The amount of tax in respect of which interest is to be calculated is to be rounded off to nearest multiple of Rs. 100 ignoring any fraction of Rs. 100.
Your interest is Rs. 100/-
The amount of tax in respect of which interest is to be calculated is to be rounded off to nearest multiple of Rs. 100 ignoring any fraction of Rs. 100.
Your interest is Rs. 100/-
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