Tds on salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2014
We have deducted TDS on Salary Payment for the month of Oct-2014 on 05.11.2014, entry passed in our books of accounts on 05.11.2014(salary paid on 05.11.2014) and deposit the TDS on 16.11.2014.
I want to know we are liable for paid the Interest on Late Payment of TDS?
if yes, what is the calculation?
I want to know we are liable for paid the Interest on Late Payment of TDS?
if yes, what is the calculation?
CA Parul Saxena
(Expert)
18 November 2014
yes interest is to be paid for late deduction and deposit.
late deduction-1%
late deposit-1.5%
for one month interest is to be paid.
late deduction-1%
late deposit-1.5%
for one month interest is to be paid.
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