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Tds

This query is : Resolved 
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(Querist)
19 March 2012 Dear Sir,
Can you tell me the interest & penalty for delayed payement of TDS on Rent?
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CMA Nishad Patkar

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CMA Nishad Patkar (Expert)
19 March 2012 Dear Naveen

As per the amended provision w.e.f July 1, 2010 interest will be payable as follows:

1 Per cent--> From the date on which tax was deductible to the date on which tax is actually deducted.

1.5 Per cent--> From the date on which tax was actually deducted to the date on which it is actually paid.

Penalty--> Penalty is attracted U/s 221(1) which is not more than arrears of tax.

Regards,

Nishad
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