18 November 2010
We deducted TDS on Labour charges 3500*1% i.e Rs. 35 on 5.10.2010 (actual limti cross 75000 in a year). But till date we did not deposit that amount. So, my Query is,we have to pay interest on rs.. 35/- if TDS amount rounded off nearest Rs. 100, for interest calculation.Can u tell me, we have to pay interest if TDS amount less than rs.s. 50?
18 November 2010
Yes, You have to pay interest,but not 1%. it is 1.50% pm. WEF 01-07-10.
The amount of tax in respect of which interest is to be calculated is to be rounded off to nearest multiple of Rs. 100 ignoring any fraction of Rs. 100.
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