Tds related

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Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2013 SIR,WHAT IS THE FINE OF NON FILLING THE TDS RETURN TIMELY .

CA Pallav Singhania

CA Pallav Singhania (Expert)
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08 September 2013 I. Interest on late deduction and delayed deposit of TDS

As per income-tax , interest is payable under the following two circumstances:

Tax is not deducted , when it was deductible
Tax once deducted, is not paid on or before due date..

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

If any person fails to deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid.This penalty is imposable by Joint Commissioner.

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