Delay in TDS remittance

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Sai Prashanth (Querist)

23 October 2009 Does the assessee have to pay any interest for delay in remittance of TDS? (Suppose, TDS deducted on 02/04/2008, and remmittance is made on 05/08/2008). Does the delay in remmittance of TDS by the assesse form a part of annexure to the Tax Audit report ( Form 3 CD )?
Please enlighten me in this regard.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)

24 October 2009 Yes it forms part of 3cd report and you have to pay with interest if you have passed the tds entry on 2-4-2008 and remitted on 5-8-2008. If you have passed the entry itself on 5-8-2008 and paid the tds on 5-8-2008 you need not pay interest you can fight it out.

Azmathullah Khan

Azmathullah Khan (Expert)

24 October 2009 Yes, You have to pay Interest @ 1% per month, or else you have to prove that the payment is also made on aug, and provided the TDS on aug. It depend how

O.D.SHARMA

O.D.SHARMA (Expert)

24 October 2009 This is clear from TDS law ,That once u deduct TDS pay in next month by due date IE 7th .Else intrest is payable.In Your case once u are passing the entry .Just pay cumulative TDS payable & 3CD will have effect of the same.

Deepak Goel

Deepak Goel (Expert)

24 October 2009 Agree with experts

Rahul Vora

Rahul Vora (Expert)

26 October 2009 Dear Sai,

Since you have deducted TDS on 2.4.08, it means that you have accounted and credited particular party's account on 2.4.08. This TDS has to be paid by 7th of the next month. And if not paid, it will attract 1% interest per month i.e. you will have to payd an interest @4%. Also, the same will form part of annexure to Form 3CD

Regards,
CA. Rahul Vora

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