20 June 2012
Presently, if TDS Return is submitted late, penalty is charged @ 100/- per day as per section 272A. Penalty amount is limited to maximum of TDS amount. Practically, this penalty is not imposed in any case due to lengthy procedure to charge penalty. According to new rules applicable
21 June 2012
Hello Sir, Please help me understand the calculation.\ Inv booked on 15-Sep-2011 Inv Amt- Rs 1,74,258/- TDS was applicable but not deducted. Now TDS needs to be paid on the invoice. SO TDS is : 10%+2%+1% of 174258=17,949/- Interest on it would be 10 mths if TDS paymt can be done in next month cycle only. Therefore Interest will be 1.5% X 10 months X 17949.00=2692.00 Is this calculation correct?