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TDS

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 October 2010 Please explain
1.Intrest rate on late payment of TDS in Case of Payee is Individual

2.if we forget deduct TDS at the time of payment
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Ajay Mishra

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Ajay Mishra (Expert)
11 October 2010 Hi


If a person fails to pay any tax required to be deducted at source, he shall be liable to pay interest at the rate of 1% (of tax remaining unpaid) per month or part of the month during which the tax remain unpaid.

Regards
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Ajay Mishra

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Ajay Mishra (Expert)
11 October 2010 Hi

An Individual paying interest is not required to deducted tax at source.


Regards
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CA Navin Jain

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CA Navin Jain (Expert)
11 October 2010 interest rate is 1.5% per month from 01.07.2010

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