Late tds tax deposition

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This query is : Resolved

Natasha Mourya (Querist)

08 January 2014 Dear all,
Due to busy, I couldn't deducted TDS on 194C contractor services with ws on 28.11.2013 RS:- 1000, 30.11.2013 RS:- 1071 & 14.12.2013 RS:- 1045.........
Can anyone plz suggest me to calculate interest on late TDS deduction if I deduct TDS on 10.01.2014...

@VaibhavJ

@VaibhavJ (Expert)

08 January 2014 Hi

For late deduction it is 1% per month or part there of from the date of deduction to date of payment.

Thanks

Natasha Mourya

Natasha Mourya (Querist)

08 January 2014 bt how it is calculated 1% per month is only December 13..Nov13 & Jan13 will be calculated in days or accept them as a month...

Nikhil Kaushik

Nikhil Kaushik (Expert)

08 January 2014 for payments made in november, it will be 3 months...for december, it would two months...assuming TDS for december is being deposited after 7 january.

@VaibhavJ

@VaibhavJ (Expert)

08 January 2014 Hi

Pl refer: https://blog.tdsman.com/2013/04/penalty-on-non-deduction-late-deduction-and-late-deposit-of-tds/

Thanks

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