Can you please tell me how much would the interest rate be on late pmt on TDS.?
Also is interest on late pmt calculated on the TDS amount that was supposed to be paid or the total amount of the transaction that happened? eg. if there is a pmt of 100000/- to a professional then TDS calculated would be 10000/- & if we have not paid this before 7th of the following month, then will i calculate interest for late pmt on 100000/- or 10000/-???
Lastly is interest on late pmt of TDS calculated on contract as well as on rents as well??