Regarding tds on contractor

No penalty. Interest @ 15% pa but if PY turnover is <=60 lacs, then @ 12% pa

on which amt??? Service tax or taxable amt

Of course on Service Tax. Interest is paid on ST and ST is paid on taxable service. Interest is applicable on delayed payment of ST which is due to govt. Hope you have understood.

yeah thankyou so much madam. But what about tds??? If we are filing a declaration for nil tds return, then what would we be the case for Penalty for filing tds return?? As you have told earlier that no penalty if original tds return is filed????

Even if you have filed NIL 26Q within the time limit, there is no late fee for revising the return.

okk thankyou so much again for solving my query.

If u will file TDS return now u need to deduct TDS @ 1 % or 20 % as the case may be. and u will be liable to pay interest @ 1.5 % and late fees @ 200  per days.

Dont do this a lot amount is minor show it as two three expenses , its ok.

Purnima G is correct as monetary limit under your case is Rs,75000.

in works contract service there is valuation rule where only 40 % or 70 % of total value of service shall be taxable and thereafter RCM @ 50%.

So finaly rate will be 2.9 % or 5.075 % for original work or other work

@ Subhash: That is applicable where service portion cannot be determined. But here, service element is separately known. So can he still charge ST at composite rate?

@ Poornima Madam. Do i have to deposit interest on Swach Bharat cess also separately on challan with its interest Code???

Yes. Here are the accounting codes: https://www.cbec.gov.in/htdocs-servicetax/st-circulars/st-circulars-2015/st-circ-188-2015

okk. it means i have to deposit service tax interest and swach bharat cess interest both???

Yes Poornimaa g is correct dont opt for composite.

Thank u Poornima g.

@ Subhash: You are welcome :)

@ Sahil: Yes, you need to pay Service tax and interest on ST, SBC and interest on SBC.

@ Poornima Madam. Suppose Service Amt is Rs.125,000/- Then how much Service tax @ 14% and SBC @ 0.5% and Interest do i have to pay on this amt????