What is the penalty for not deducting TDS. A total freelance payment adding up to 6 lak has been made to different persons in a financial year and TDS has not been deducted, how much interest is payable ? How is it calculated?
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Penalty for not deducting tds
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interest for non deduction: 1 % p,m (interest for due date of deduction to the date of actual payment)
if interest is not paid interest calculated @ 1.5 % p.m from the due date to the actual date of payment
here part of a month considered as full month.
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