Penalty for late deposit of TDS

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Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2010 Is there any penalty for late deposit of TDS collected with department? If so what is the amount of penalty payable?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2010 NO PENALTY ON LATE DEPOSIT OF TDS ONLY INTEREST TO BE PAID @ 1% PER MONTH.
REVISED INTEREST RATE @1.5% MER MONTH FROM 01.07.2010

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CA Vanesh Nadar

CA Vanesh Nadar (Expert)
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07 June 2010 The Penalty would be of 1% p.m. upto 30.06.2010 and after that @1.50% i.e. w.e.f. 01.07.2010.

Regards,

CA Students Experts Association

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Shyam Lal Naik

Shyam Lal Naik (Expert)
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07 June 2010 In addition to interest penalty can also be imposed u/s 221 read with section 201, if the faliure is without good and suffucient reason in the opinion of the AO.

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