tds
This query is : Resolved
07 August 2010
our tds liability is rs 4922 for co deductees & rs 5511 for non co deductees for the month of june
now if we do not submit the amt.tii aug 7 then what will be our total liab. on aug 9
if we don;t submit the interest what will be its consequenses
now if we do not submit the amt.tii aug 7 then what will be our total liab. on aug 9
if we don;t submit the interest what will be its consequenses
07 August 2010
Due date for june is 7th July.
If you submit 9th August you will have to pay interest @1% for June & @1.5% for July & August. In effect you will have to pay interest @4% on the TDS amount. In case you do not pay interest you will receive a demand for payment of interest later. Further you already liable for penalty u/s 221 for late deposit of TDS and the maximum penalty u/s 221 is the amount of TDS involved.
If you submit 9th August you will have to pay interest @1% for June & @1.5% for July & August. In effect you will have to pay interest @4% on the TDS amount. In case you do not pay interest you will receive a demand for payment of interest later. Further you already liable for penalty u/s 221 for late deposit of TDS and the maximum penalty u/s 221 is the amount of TDS involved.
07 August 2010
Interest for late payment of TDS is applicable for June to august,10.
For June > 1 %
for July / August > 1.5 % each
Penalty : equal to the amount of TDS & interest thereon, could be levied.
For June > 1 %
for July / August > 1.5 % each
Penalty : equal to the amount of TDS & interest thereon, could be levied.
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