Penelty charge on TDS if deducted but not deposited
Querist : Anonymous
I Want to know what is the penlty charges on TDS if we have deducted TDS from party but not deposited within due date, is F.y 2009-10 & F y 2010-2011 is penlty charges is same or different. plese guide
Thanks
Chaman Pundir
This is consider as the serious offence becouse you have collected maney from the department and have not paid tha same and liable for penalty and prosecution punishment are
Minimum: 3 month imprisonment and fine.
maximum: 7 year imprisonment and fine.
in short we can say you need to if cought by department the following:
1) Actual amount of TDS.
2) Intrerest on same.
3) Penalty 100% - 300% of tds amount.
4) Amount equal to actual amount of TDS for compounding for imprisonment.
Querist : Anonymous
I Want to know what is the penlty & inerest charges on TDS if we have deducted TDS from party but not deposited within due date, is F.y 2009-10 & F y 2010-2011 is penlty charges is same or different. plese guide
For Delay payment of TDS you need to pay Interest
If you are not paid department will levy penalty Amount of actual TDS
thats the better way to escape panalty....
Querist : Anonymous
C S PUNDIR
from 1.7.2010 - interesr Rate is 1.50 % per month or part of the month
Interest need to be calculated from the date of deduction to date of payment
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
