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Tds interest and and penalty

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07 September 2013 how to calculate TDS interest and What is penalty of late filing of TDS return
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
07 September 2013 Under income-tax , interest is payable under the following two circumstances:

Tax is not deducted , when it was deductible Tax once deducted, is not paid on or before due date.

Rate of interest

W.e.f 01-07-2010

From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m.

For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m

Penalty for failure to deduct tax at source.

Section 271C. If any person fails to deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid.This penalty is imposable by Joint Commissioner.
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