Tds on salary.
This query is : Resolved
Amarjit Singh
(Querist)
05 September 2013
we have forgot to deduct TDS on salary on monthly basis. Instead we have deducted the Whole TDS deductable in the month of March.
Now my question is that whether we have to pay any interest or penalty for non deduction of TDS on monthly basis.
Please Advise.
Now my question is that whether we have to pay any interest or penalty for non deduction of TDS on monthly basis.
Please Advise.
CMA Ramesh Krishnan
(Expert)
05 September 2013
yes. Interest will apply for late deduction and payment at the rate of 1% per month or part of month
Message likes :
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CA Pallav Singhania
(Expert)
05 September 2013
As of now will treated as assessee in default with interest of 1 percent or part of the month....
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
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
Amarjit Singh
(Querist)
11 September 2013
Thanks for your reply.
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