TDS - Late deduction of TDS-Consequence
This query is : Resolved
25 April 2008
What are the consequences of late deduction of TDS ? Which Section of Income Tax deals with it?
IF
1) TDS deducted late in a month but paid to IT dept. before 7th of next month
2)The gap between payment to party and deduction of TDS extends beyond 1 month?
IF
1) TDS deducted late in a month but paid to IT dept. before 7th of next month
2)The gap between payment to party and deduction of TDS extends beyond 1 month?
26 April 2008
Ur point 1) do not attract interest or fine.
but point 2) attract interest and if you do not deduct and pay TDS within same financial year then the expenses on which that TDS would likely to be deducted, will be disallowed in that year.
but point 2) attract interest and if you do not deduct and pay TDS within same financial year then the expenses on which that TDS would likely to be deducted, will be disallowed in that year.
12 June 2023
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