Penalty for late deposit of TDS
This query is : Resolved
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?
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
REVISED INTEREST RATE @1.5% MER MONTH FROM 01.07.2010
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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
Regards,
CA Students Experts Association
Message likes :
2 times
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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