TDS on Clg. & Forw.Charges & Agency Commission.

This query is : Resolved

NK1976

NK1976 (Querist)
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19 March 2011 One of my client is carrying business of Import & Export. In FY 2010-11 the TDS not deducted on clearing & forwarding Exps & Agency Commission. Now the which rate of TDS on clearing & forwarding Exps & Agency Commission.. What is the Rate of Interest on late deduction & late deposited of TDS. Kindly suggest the same.

Thanking You.
N. Kadam

Jainish shah

Jainish shah (Expert)
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19 March 2011 1.For clearing and forwarding exps you have to deduct tax @ 2% (in case payee is other than individual or huf)

2.For commission paid to agency you have to deduct tax @ 10%

3.Interest is 1% for every month of delay on the default amount of tds.