Delay in TDS remittance
This query is : Resolved
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.
Please enlighten me in this regard.
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.
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
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.
24 October 2009
Agree with experts
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
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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