tds

This query is : Resolved

kunal sachdeva (Querist)
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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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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.

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