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