Tds
This query is : Resolved
Prasanna Bhat
(Querist)
16 August 2010
If there is delay in tds remittance of non salary like contractors, professional etc by 1 or 2 days is there is any interest on it pls let me
VINOD ARORA
(Expert)
16 August 2010
yes, as per recent amendments, interest @1.5% pm or part thereof is payable.
CA Kapil B Gupta
(Expert)
16 August 2010
If TDS is not deposited within due date, you will have to pay interest.
16 August 2010
Even for 1 or 2 day delay you will have to pay 3% interest. Interest is calculated from the date of deduction till date of payment.
Say TDS deducted on 25th July
Due Date 7th August
TDS deposited on 8th August.
You will have to pay interest @1.5% for two months.
Apart from that penalty u/s 221 to the maximum of TDS amount may also be levied.
Say TDS deducted on 25th July
Due Date 7th August
TDS deposited on 8th August.
You will have to pay interest @1.5% for two months.
Apart from that penalty u/s 221 to the maximum of TDS amount may also be levied.
16 August 2010
yes. 1.5 % interest per month from the date of deduction of TDS.
Aditya Maheshwari
(Expert)
16 August 2010
Nice expalined in this article.
https://www.caclubindia.com/articles/a-day-s-delay-in-tds-remittance-interest-upto-3--6580.asp
https://www.caclubindia.com/articles/a-day-s-delay-in-tds-remittance-interest-upto-3--6580.asp
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