tds

1% interest per month......................

thxx

 If TDS was not paid with in the due date ie 7th of following month then we need to pay interest @ 1% per month or part thereof from the date of deduction or credit till the date of actual payment.

     Forex if tds deducted on 15/6/09 and paid on 20/7/09 then interest has to be paid for 2 months. Why because 1% PM is for calender month.

Maruthi gandhi is correct. 

Tell me, if an Post office RD Agent deposit any sum into Post office under the scheme and gets 4% commission on the sum deposited ( This percent of commission is according to P.O. regulations) What % of TDS should be deducted by P.O. on such commission payments.

What is the new rate of TCS on Timber obtained under a forest lease. If any supplier deducts more than the said TCS % after 1 Oct 2009 mentioned into the invoices issued by him and the same have been marked through the state Check Posts. Will such deduction be applicable and allowable for reimbursement for the assessment of Income Tax.

Mr Girish Kupta,

U have to set the matter with deductor by issuing debit note.

Department never approves Tds excessive then rates specified in respective Finance Act.