TDS on Clg. & Forw.Charges & Agency Commission.
This query is : Resolved
19 March 2011
One of my client is carrying business of Import & Export. In FY 2010-11 the TDS not deducted on clearing & forwarding Exps & Agency Commission. Now the which rate of TDS on clearing & forwarding Exps & Agency Commission.. What is the Rate of Interest on late deduction & late deposited of TDS. Kindly suggest the same.
Thanking You.
N. Kadam
Thanking You.
N. Kadam
19 March 2011
1.For clearing and forwarding exps you have to deduct tax @ 2% (in case payee is other than individual or huf)
2.For commission paid to agency you have to deduct tax @ 10%
3.Interest is 1% for every month of delay on the default amount of tds.
2.For commission paid to agency you have to deduct tax @ 10%
3.Interest is 1% for every month of delay on the default amount of tds.
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