Tds

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suneel (Querist)
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23 May 2017 Small proparatory company in that 4 employees TDS was deducted but not deposited to tax department.now the company has deposited the TDS. Does the company has to pay interest and fine on TDS or any solution . If fine and tax how much it will be ( TDS deposited 4000*12=48000 for each employee ) pls give your valuable input so that for employer it should not be burden now.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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23 May 2017 On TDS not deposited interest of 1.5%p.m. charged. Also no return filed for the same for which penalty of Rs.100 perday maximum upto amount of TDS is charged.

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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23 May 2017 TDS deducted to be remitted within 7 th of subsequent month if you fail interest @1.5 pm% from the month of tds till such delay payments and quarterly TDS returns to be filled due date end of subsequent month quarter Penalty will be 200per day u/s 234E from the due date subject maximum tax deducted amount.

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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23 May 2017 sorry due to oversight late fee wrongly written Rs.100/- it is Rs.200/-

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