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Tds return

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 April 2012 Dear expert,
In case of govt. deductor, a payment made to contractor of Rs. 80000/- on 15-03-2012 and tds @ 2% is 1600/-. However the tds was deposited at bank on 18-03-2012 by cheque. Whether the interest liability will attract on part of deductor and what would be interest rate.
Please advise.
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
14 April 2012 NO. INTEREST LIABILITY ON THE DEDUCTOR AS TDS DEDUCTED IS DEPOSITED WITHIN THE DUE DATE
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2012 however, govt. deductor is liable to deposit on same day?
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
14 April 2012 WHEN TDS DEDUCTED IS DEPOSITED WITHOUNT ACCOMPANYING THE INCOME TAX CHALLAN, ONLY THEN IS TO BE DEPOSITED ON THE SAME DAY.

OTHERWISE IT IS TO BE DEPOSITED WITHIN 7 DAYS
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2012 whether the tds can be deposit without accompanying challan? if yes, then how the bank accepts the tax amount without challan?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
15 April 2012 The experts are correct and I agree with them
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