Tds late payment charges

This query is : Resolved

Komal patil (Querist)
Follow

30 March 2016 Dear sir can you explain me if TDS is not paid for the FY 2014-15 Of August-2014 month if I want to pay now than can I pay the same. And also tell me percentage of Interest on late payment of TDS and on TDS return file.

CA Darshan

CA Darshan (Expert)
Follow

30 March 2016 When TDS is deducted but not paid :-
Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid.

When TDS is not deducted:-
Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually deducted/collected.

Till 31-5-2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. so if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled. Now if due to mistake any late fee U/s 234E is paid then refund will be granted of such excess late fee.

Read more: Late filing fee u/s 234E for E-TDS return before 01.06.2015 not applicable

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now