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Tds late payment
2. In case any Internet problems or this week last working day for Banking sector
Yes , calendar months has to be followed for calculating interest for late payment of TDS.
1.5% interest for the period of June to July i.e 2 months will be liable to be paid , even for the failure of just one day.
1. If the liability to deduct TDS is on 30 th June then U have to calculate interest on that amount for 1 month only.
2. The interest would be calculated on made an amount to lower hundred.
Correction is possible.
Thanks Sanni .
But I didn't agree with your 1st argument 30th June still be counted as one whole month and interest will be for 2 months .
And here is the proof.
Hi
What is the percentage of Tds deduction on Royalties ? and if we are paying the royalty to Goverment do we need to deduct it?
agree with ankit ji
As per section 194J TDS will be deducted @ 10 % on royalty payments if it exceeds rs 30,000.
However as per section 196 , No TDS shall be deducted from ANY SUM payable to GOVT (including state govt ).
Thank you! Ankit
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