Interest on delayed payment of tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2015
Dear Sir/Mam ,
X ltd. is paying to one of its director salary of Rs. 50000 p.m.But problem is from starting they haven't deducted TDS.
The company came into existence on 1st Aug. 2014.
Till now how much will be the Interest on delayed payment of TDS and the reason.
Kindly tell me how to solve this problem.
X ltd. is paying to one of its director salary of Rs. 50000 p.m.But problem is from starting they haven't deducted TDS.
The company came into existence on 1st Aug. 2014.
Till now how much will be the Interest on delayed payment of TDS and the reason.
Kindly tell me how to solve this problem.
CMA Ramesh Krishnan
(Expert)
26 June 2015
Interest on Delay payment of TDS is 1.50% per month or part of the month (if tds deducted and not paid) & 1 % if the TDS not deducted. so your case 1% per month will apply as delayed payment interest
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