Consequences of non deducction of tds
This query is : Resolved
02 July 2013
Dear CA Clubindia
wat are d consequences of non deduction of TDS, wen is interest @ 1.5 & 1 % is
applicable, when penalty applicable
1. TDS Deducted on 6.4.2010
deposited on 4.8.2010
interst rate 1.5 or 1%, any penalty.
2.f.Y. 2011-12 TDS on Prof. Fees 35000/- not deducted, not paid, what is intrst rate 1.5 or 1 %, What is the penalty
thnx
wat are d consequences of non deduction of TDS, wen is interest @ 1.5 & 1 % is
applicable, when penalty applicable
1. TDS Deducted on 6.4.2010
deposited on 4.8.2010
interst rate 1.5 or 1%, any penalty.
2.f.Y. 2011-12 TDS on Prof. Fees 35000/- not deducted, not paid, what is intrst rate 1.5 or 1 %, What is the penalty
thnx
02 July 2013
1) INTEREST ON LATE DEPOSIT @1.5% PER MONTH FOR 4 MONTHS.
PENALTY MAY BE IMPOSED BY TDS AO AFTER GIVING ASSESSEE AN OPPORTUNITY TO BE HEARD. SUBJECT TO MAXIMUM OF TDS AMOUNT INVOLVED.
2) INTEREST @1% PER MONTH NEEDS TO BE PAID TILL THE AMOUNT IS ACTUALLY DEDUCTED AND DEPOSITED. IF NOT DEPOSITED THE XEPENSES WILL BE DISALLOWED.
PENALTY MAY BE IMPOSED BY TDS AO AFTER GIVING ASSESSEE AN OPPORTUNITY TO BE HEARD. SUBJECT TO MAXIMUM OF TDS AMOUNT INVOLVED.
2) INTEREST @1% PER MONTH NEEDS TO BE PAID TILL THE AMOUNT IS ACTUALLY DEDUCTED AND DEPOSITED. IF NOT DEPOSITED THE XEPENSES WILL BE DISALLOWED.
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