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Tds

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(Querist)
06 January 2013 If u make payment to sub contractors without deducting tds and after some 3 months if u want to remit tds to govt. What % of interest rate is applicable and from which date is it applicable i.e, from date of payment to sub-contractors or from the date when u pass an entry deducting tds in tally?
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@VaibhavJ

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@VaibhavJ (Expert)
06 January 2013 Hey Hi,

Interest from 01.07.2010
For late deduction of Tax deduction at source-(period date from tax deductible to date of actual deduction )(rate 1 % per month or part thereof)
For late deposit of TDS after deduction (period :date from tax deducted and date of actual deposit)(rate 1.5 % per month or part thereof)


Thanks!!
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Srinivas Reddy

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Srinivas Reddy (Expert)
06 January 2013 @Vaibhav

your right except interest for late deposit of TDS after deduction
the rate of interest @1.5% from the date of amount paid to party/book entry to actual date of payment

Srinivas Reddy
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
15 January 2013 Yes I agree with the experts
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