Tds late payment interest .

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2012 Now a days the income tax department sending notices U/s. 201 ( 1) of IT act. On which "interest payable till date due to late deposit of tax". On Challan no 281 which section is to be mention. The Bankers are also now aware of this interest and penal interest for delayed payments. Suppose we may deposit the tax for various persons for various head of payments. How can we know for whom how much penalty/interest imposed by the department.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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04 January 2012 If you tick TDS on Regular Assessment and make payment in respective heads as per demand notice, the department will credit
the proceeds in accordance to the demand as they must be having the workings.

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