Penalty for late deduction of tds
This query is : Resolved
Prateek Modi
(Querist)
25 April 2016
Sir,
My query is that a company deducted TDS on 31-3-2016 and paid to the government on 24-04-2016. The TDS deducted on 31-3-16 was to be deducted on 22-4-15. Late deduction interest @1%pm has been paid but is there any penalty for such late deduction.??
My query is that a company deducted TDS on 31-3-2016 and paid to the government on 24-04-2016. The TDS deducted on 31-3-16 was to be deducted on 22-4-15. Late deduction interest @1%pm has been paid but is there any penalty for such late deduction.??
Suresh Ramaswamy
(Expert)
25 April 2016
There is no penalty for late deposit of TDS if interest is paid. However, if the Department had detected the non-payment of TDS and issued notice for the same, penal provisions will apply.
26 April 2016
There is no penalty for late TDS deduction and payment.No filing or late filing of statement of TDS / TDS returns shall invite penalty under section 271H.
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