TDS on Salary
Querist : Anonymous
I had query regarding TDS & Int. on TDS on salary as follows:
A Partner/Director in a firm/company is drawing the salary of Rs 4lacs in the year depending upon his business given to the firm/company. He draws 2lacs in Nov10, 1lac in Dec & 1lac in Feb.
Now how should Company/Firm deduct the TDS on his salary during the year & what is the rate of interest which will be charged on the late deduction & late deposit of TDS on salary.
Please reply ASAP & thanks in advance.
you deduct TDS under salary head & give deduction/Exemptions with taking considerations.dealy will be @1% intrest
Querist : Anonymous
But I want to know that what is the interest which will be charged from the firm /co for the late deposit/deduction of TDS on salary and not from the point of view of the Director/Partner.
Please reply.
Querist : Anonymous
I am confused on the Rate of Interest which the company has to pay for defaulting in the depositing the TDS ( let us say it deposits the TDS in Dec10 wholly).
* For late deduction of Tax deduction at source-(rate 1 % per month or part thereof)
* For late deposit of TDS after deduction (rate 1 % per month or part thereof)
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)
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