TDS

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Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2010 what are the penal provisions applicable for late deduction of TDS

Rahul Gupta

Rahul Gupta (Expert)

25 June 2010 The person will be deemed as assessee in default and is liable for Interest u/s 210(1A) below >

201(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—

(i) at 1%. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted;

AND

ii) at 1.5%. for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2010 thank u sir

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