4) Interest for Late Deposit Interest for late deposit of TDS is applicable @ the rate of 5% per month. It is applicable from the date on which tax was deducted to the date of actual payment of TDS. Difference Between 2 dates The calculation of interest is on PER MONTH basis NOT on ...
Winnings from horse races (Section 194BB) Insurance Commission covering all payments for procuring Insurance business (Section 194D) Any interest other than interest on securities payable to non-residents not being a company or to a foreign company (Section 195) Payment to non-resident sportsman in...
The interest income of the user is taxable under section 194A of the Income Tax Act (ITA), 1961. Banks deduct tax on fixed deposits if the interest earned on the same exceeds INR 40,000 in a year. The TDS rate will apply once the earnings go past the threshold limit of INR 40,000...
Interest on late payment of TDS If you don’t pay TDS by the due date for every quarter, you will have to pay some interest, here is the interest list, in case of late payment of TDS: - SectionNature of DefaultInterest subject to TDS amountPeriod for which interest is to be paid ...
You can add Interest if you have failed to deduct TDS for this liability, or if you have not paid the full or partial tax to the government after deduction. Enter the Challan Number, BSR Code (Branch Code) of the challan and select the Payment Date. Select the Paid Through account. Sel...
Check for ‘Inoperative’ status of PAN Challan validation Auto TDS / TCS Calculator Short Deductions Late Payment - Interest calculation Late Deduction - Interest calculation Late Fee Calculation Return Generation FVU file generation in just one click with the integrated File Validation Utility (FVU) ...
On the Payment fee tab, in the Fee ID field, select a fee ID that has a fee type of Interest or Others to charge the payment fee for delayed payments that are made to the TDS authority vendor. On the Tax information tab, in the Company information...
TDS Rate Chart for FY 2024-25 Section Nature of Payment Threshold Limit (Rs.) Individual / HUF TDS Rates (%) Others TDS Rate (%) 192 Salaries Rs. 2,50,000 Slab Rates Slab Rates 192A Premature EPF withdrawal* Rs. 50,000 10% 10% 193 –TDS on interest on securities*** Rs. 10,...
Non-Resident payments also come under the purview of Section 206AA. In those cases, foreign residents should take an Indian PAN and provide it, before the payment. Form 15g and 15h In case of certain payments (Eg. Interest), Deductee was permitted to declare on Form 15G / 15H for no...
Now, you will get all the values of Late Payment Interest. That’s how you can make a TDS payment interest calculator in Excel. Read More: Make Service Tax Late Payment Interest Calculation in Excel Practice Section In the article, you will find an Excel workbook like the image given below...