TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2010
In case of TDS Deducted on 31st march and not deposited within the prescribed time but deposited before the due date of IT return Filling, What will be the provisions?
18 July 2010
There are various implications for that. some of them are mentioned below
1.Simple interest at the rate of 1% pm or part of the month is payable.
2.Penalty equal to tax deductible may be levied
3. the relevant expenditure will be disallowed and will be allowable only in the year of payment of TDS
1.Simple interest at the rate of 1% pm or part of the month is payable.
2.Penalty equal to tax deductible may be levied
3. the relevant expenditure will be disallowed and will be allowable only in the year of payment of TDS
18 July 2010
Agree with expert.
Payment of interest is compulsory. Extent of penalty to be levied rests on Assessing Officer. If Assessing Officer is satisfied with the cause of late deposit he may waive the penalty.
Payment of interest is compulsory. Extent of penalty to be levied rests on Assessing Officer. If Assessing Officer is satisfied with the cause of late deposit he may waive the penalty.
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