Tds
This query is : Resolved
07 April 2011
Dear Sir,
we have made payment of Rs. 40,000/- on 11.02.11 and on 23.02.11 for Rs. 11,384/- and on 14.03.11 for Rs. 1,500/-
Bill received for the above payment Rs. 51384/- dt, 23.03.11 and Rs, 1500/- dt. 12.03.11.
Now i want to deposit tds so please let me know what is the interest amount for late payment
please explain with method of calculation.
please help
Dear Sir,
we have made payment of Rs. 40,000/- on 11.02.11 and on 23.02.11 for Rs. 11,384/- and on 14.03.11 for Rs. 1,500/-
Bill received for the above payment Rs. 51384/- dt, 23.03.11 and Rs, 1500/- dt. 12.03.11.
Now i want to deposit tds so please let me know what is the interest amount for late payment
please explain with method of calculation.
please help
07 April 2011
can you tell...under which section you made the payment ?
07 April 2011
SECTION 194C (PAYMENT TO CONTRACTOR)
07 April 2011
if the total payment to this contractor during the whole FY does not exceed Rs. 70000/- then your TDS liability is limited to only one transaction i.e Rs. 40000/-
in that case : TDS would be 1 % (if the contractor is individual or HUF) OR
2% for others.
Interest for late deduction of TDS :
11.2.11 to 10.03.11 > 1 %
11.3.11 to 07.04.11 > 1 %
Just do the calculation & deposit the tax on or before 10/04/11 to avoid 1 more month's interest.
in that case : TDS would be 1 % (if the contractor is individual or HUF) OR
2% for others.
Interest for late deduction of TDS :
11.2.11 to 10.03.11 > 1 %
11.3.11 to 07.04.11 > 1 %
Just do the calculation & deposit the tax on or before 10/04/11 to avoid 1 more month's interest.
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