What is the interest rate for late payment of TDS?
Under Section 201(1A), in case off late deposit of TDS after deduction, you have to pay interest. Interest is calculated at the rate of 1.5% per month from the date on which TDS was deducted to the actual date of deposit.
What is the penalty for not depositing tax?
If undisclosed income is admitted during the course of Search and assessee pays tax and interest and files return, a penalty @ 30% of such undisclosed income is payable. In all other cases, penalty is leviable @ 60%
What is the rate of tax for tax collected at source?
2020) rate of interest is 0.75% per month or part of the month. b) The person would also be liable for penalty u/s 271CA of the Act, which would be equal to amount of tax liable to be collected….Tax Collected at Source (TCS)
| Nature of Goods | Rate applicable from 01.04 |
|---|
What is TCS rate?
52/2018 under CGST Act and 02/2018 under IGST Act. This means for an intra-state supply TCS at 1% will be collected, i.e 0.5 % under CGST and 0.5% under SGST. Similarly, for a transaction between the states, the TCS rate will be 1%, i.e under the IGST Act.
How is TCS amount calculated?
For example, sales return from customer for INR 10,000 on which 1% TCS is applicable for Nature of collection “Scrap”….TCS to be calculated on sales return (sales return order or sales credit memo)
| Component | Value |
|---|---|
| TCS Base Amount | 10000 |
| TCS Amount | 100(10000×1%) |
How is TCS interest calculated?
Interest will be levied at 1% for every month or part of a month for delay in deduction of tax and at 1.5% for every month or part of a month for delay in remittance of tax after deduction. Thus, option (c) is the correct option.
Is a 798 credit score good?
A 798 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
Is co signing a bad idea?
Co-signing a loan may help the borrower qualify, but it could also hurt your credit score and overall finances. You may be asked to co-sign a loan by your spouse, child or friend, especially if your credit score outshines theirs.