regarding tds

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priti (Querist)
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02 February 2011 Respected Sir,
I want to know whether on salary tds whether late payment interest is to charged.
2)on all late payment of tds to govt. interest is 1.25%p.m. or 1.5% p.m.
3) one person who is director not of our co. is making corporate films for our co. for presentations & promotions so tds to be deducted will come under professional fees or contract
4) if it is under contract then if he crosses limit of 75000/- p.a. at that time tds to be deducted or on initial payments

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 February 2011 1) Yes.
2) 1% from the deductible date to the date of deduction and
1.5 % from the deducted date to date of remittance.
3) Contract.
4) On crossing the limit tax is to be deducted on the entire amount.

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