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Indirect tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2011 what is the consequences of not paying of interest on late payment of TDS?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
07 August 2011 department will raise the demand notice for the same
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
07 August 2011 Immediately it does not matter and in long run also you might not be required to pay the interest but the department is developing software just like Banks that on delay immediately interest is to be paid and you will receive the notice of demand. This has been applied for calculation of interest under various section while completing the assessment. For TDS also it is being in the process of getting implemented very soon.
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