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TDS on Salary

This query is : Resolved 
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(Querist)
23 May 2008 Dear Friends


TDS on salary for the month was not paid in due date what was the penalty


pls reply urgently
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CA. Yayati Tyagi

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CA. Yayati Tyagi (Expert)
23 May 2008 don't worry abt penalty. u deposit it now with simple interest @ 12% p.a.
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
24 May 2008 Hi Raju,

Non-despoit of TDS does not attract penalty.

It leads to the disallowance of the expense on which TDS has not been dedcuted as governed by Sec 40(a)(i)

For delay, you have to pay interest @12%p.a.

Rgds/
Vineet
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CA UMESHKUMAR R. ACHARYA

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CA UMESHKUMAR R. ACHARYA (Expert)
24 May 2008 Raju,
Non Deposit of TDS may attract the penalty in addition to dissalowance of of expense under Section 40(a)(i). as both are separate matter but T.D.S. with interest should be paid as soon as possible.
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Manish Agarwal

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Manish Agarwal (Expert)
24 May 2008 I think there is no disallowance u/s 40(a)(i) of salary paid to resident. Sec.40(a)(i) is for salary paid to non-residents.
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