TDS Late Deposited

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VAIBHAV (Querist)

16 June 2010 My Query is that if TDS for the Month of March i.e. (01/03 to 31/03) is deposited in month of May then what is the rate of interest or whether exp. is allowed or disallowed
pls. explain it.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

16 June 2010 TDS delay payment late interest is 1% permonth or part of month. expenses will not disallow if it is paid before Income tax return filling

VAIBHAV

VAIBHAV (Querist)

16 June 2010 some one say that if tds for the month of march 01/03 to 30/03 should be deposited in month of March & 31/03 should be beposited in the month of May, if the whole month of march tds deposited delay then all the exp. is disallowed is this possible.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

16 June 2010 what ever your mentioned due date is correct and also Sec.40(a)(ia) amended from the AY 2010-11, even TDS paid before filling of your Income tax return expenses will be allowed

VAIBHAV

VAIBHAV (Querist)

16 June 2010 then i have to pay interest for the 2 months
i.e. april @ 1%
&
may @ 1%

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

16 June 2010 Interest need to pay from the date of deduction to date of payment for TDS so you can make Interst from that date and calculate monthly basis not on days basis

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