Tds deduction against salary

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parimal kar (Querist)

21 January 2013 A managing director of a pvt ltd company,newly formed strting its operation from march'2011, is entitled to receive monthly salary of Rs 1 lac.Till so far no tds has been deducted against salary & IT return for Fy-2011-12, has not yet been filled. Now in March 2013 we are going to fill his return.What amount of tds should be deducted if investment u/s 80 is Rs100000 pa & what amount of interest should be paid against the late payment of tds against salary.
If interest against tds for salary is not paid ,only tds amount is paid ,as per IT Act Will the IT Dept send us a claim notice ?
Advance thanks for the answer.
Regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

21 January 2013 The tax was required to be deducted monthly at the time of payment of salary and was required to be deposited on the 7th of the next month. On late payment of TDS interest is required to be paid for non deduction as well as for late deposition. Rate of Interest is 1.5% per month. It is better, in your case to consult any CA, rendering services to your company in any capacity and get deposited the TDS amount.
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