Interest on tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 September 2015 Dear sir,
Please enlighten me in respect to following points.

1. Suppose payment made to a transporter on 23-062015 and at the time of payment tds could not be deducted. Whether the deductor has to be deposit tds amount from his pocket and what would be the applicable interest rate, if deductor deposits that sum on 12/09/2015.

Please clarify.

10 September 2015 Yes deductor has to deposit and recover it later. 4% interest payable at 1% per month including for part of the month.

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 September 2015 but it have been only three months - july aug, sep. after the quareter ending 30/06/2015?

Then it would be 3% or 4%

10 September 2015 As payment has been made in June, June has to be included for delayed payments.

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 September 2015 ok, and what would be late fee if return is to be file on 15/09/2015 and the payable tds is Rs. 3050/- only.

10 September 2015 It will be 200 per day limited to TDS amount.

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 September 2015 Whether return can be file without depositing late fee and deposit later after demanded by TRACE?

11 September 2015 Yes, provided filing is allowed.


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