03 May 2017
Respected Sir, Good morning i have some query related tds given below- 1) We have paid to party 23rd December 2016 u/s 194c and deducted tds in month of march and deposited on 23 rd April 2017. We have applied tan in month of feb -17.My doubt is. I) Is applicabl tds on delayed payment?. II) Is liable for intrest on late payment of TDS? III) Is liable for penalty on late filing of E-Tds return?
03 May 2017
Interest on late deduction and late deposit of TDS will be payable as follow: (i) Interest @ 1% pm for 4 months (Dec-March) for late deduction of TDS (ii) Interest @ 1.5% pm for 2 months (March-April) for late deposit of TDS Fees for default in filing TDS return of Rs. 200/- per day (subject to maximum amount of TDS) of default will also be payable.
CAclubindia
