Delay in T.D.S.payment
This query is : Resolved
11 September 2008
A TDS amounting to Rs. 291 was deducted from the contractor and the company was liable to psy in May'07. However, it deposited the same in June'07, i.e. i month behind the schedule. How much will be the interest? If you could also provide the calculation.
11 September 2008
SIMPLE INTEREST @1% PER MONTH IS TO BE PAYABLE BY THE COMPANY FOR THE DELAY.
11 September 2008
CONSEQUENCES OF DEFAULT IN TDS:
Disallowance of Expenditure (U/S 40a (I) and (ia)
Assessee in default (U/S 201(1)
Charging of Interest U/S 201(1A) @ 12% p.a.
Penalty U/S 271C (Equal to the amount of tax not deducted or not paid)
Prosecution U/S 276B(Imprisonment not < 3 months, may extend to 7 years and fine)
Disallowance of Expenditure (U/S 40a (I) and (ia)
Assessee in default (U/S 201(1)
Charging of Interest U/S 201(1A) @ 12% p.a.
Penalty U/S 271C (Equal to the amount of tax not deducted or not paid)
Prosecution U/S 276B(Imprisonment not < 3 months, may extend to 7 years and fine)
11 September 2008
Tax has to be deposited within one weak from the last date of month of deduction.
If the tax has not been deposited within the required date then 1% for each month of TDS amount has to be paid along with the TDS amt.
If the tax has not been deposited within the required date then 1% for each month of TDS amount has to be paid along with the TDS amt.
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