default for payment of int on tds
This query is : Open
ATIT D SHAH
(Querist)
13 October 2008
is an assesse does not pays the interest on tds on which he is liable to pay because of late payment to the credit of central government, than what are its consequences ?
Bharath Kumar
(Expert)
14 October 2008
If the TDS amount is not deposited within the required date then interest equal to 1% of the TDS amount has to be paid. Even if the delay is by one day, you will pay one month's interest. If the TDS return is not filed by the due date, there is a penalty of Rs. 100 per day subject to maximum limit equal to the TDS amount
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