delay for payment of TDS
This query is : Resolved
S.Abdul Arif
(Querist)
06 September 2010
Sir,
our company deducted TDS for the month 0f July but not paid till we can pay this in this month of september if any penalty has to be paid for this if yes how much have to be paid pls suggest me.
our company deducted TDS for the month 0f July but not paid till we can pay this in this month of september if any penalty has to be paid for this if yes how much have to be paid pls suggest me.
06 September 2010
Delay in filing TDS attracts interest under section 201(1A) of the Income tax Act,1961.
RAMESH KUMAR VERMA
(Expert)
06 September 2010
Interest up to 30.06.2010
• For late deduction of Tax deduction at source-(rate 1 % per month or part thereof)
• For late deposit of TDS after deduction (rate 1 % per month or part thereof)
Interest from 01.07.2010
• For late deduction of Tax deduction at source-(period date from tax deductible to date of actual deduction )(rate 1 % per month or part thereof)
• For late deposit of TDS after deduction (period :date from tax deducted and date of actual deposit)(rate 1.5 % per month or part thereof)
REGARDS,
• For late deduction of Tax deduction at source-(rate 1 % per month or part thereof)
• For late deposit of TDS after deduction (rate 1 % per month or part thereof)
Interest from 01.07.2010
• For late deduction of Tax deduction at source-(period date from tax deductible to date of actual deduction )(rate 1 % per month or part thereof)
• For late deposit of TDS after deduction (period :date from tax deducted and date of actual deposit)(rate 1.5 % per month or part thereof)
REGARDS,
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