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Tds penalty charges (Income Tax)

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( Author )
20 June 2012

What will be the penalty charges (%) monthly if I have to pay the TDS for 2011 and 2012 back dated liabilities. Its TDS on Services rendered by WHQ (Out of India) to Indian Company.


CA PRAVEEN SINGH

( Expert )
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

interest is 18% per annum.


Sonali

( Author )
20 June 2012

Hello Sir,
Thnaks a lot! But does this means that we can pay 18% of the Total TDS amt per annum ?


CA PRAVEEN SINGH

( Expert )
20 June 2012

IF YOU DOES NOT DEPOSIT TDS ON DUE DATE OR BEFORE,THEN YOU HAVE TO DEPOSIT TDS WITH INTEREST 1.5% PER MONTH.


Sonali

( Author )
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?


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