05 September 2012
I deducted tax amount of 100000 on 28/3/11 but i deposited it on 10-5-2011. That time i didnt know about the Interest of 1.5%. So am i required to pay Int of 1500...? And i have to pay int. on 100000 till date.. ? Plz answer my query..
05 September 2012
TDS deducted in the month of March, the last date of payment of TDS is 30th April. since intt not deposited hence calculate intt @ 1.5% pm for one month.
06 September 2012
Do'nt worry there are no such penal consequences are attracted. But since Rs. 1500 which you have short deposited would be considered as a part of your tax and may attract 1.5% simple interest per month on Rs. 1500 From 10-5-11 to till date.If you have filed the Qrtly. TDS Statement check the defaults in your login.
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