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Help in tds

TDS / TCS 899 views 5 replies

ONE ON MY CLIENT HAS NOT PAID TDS & ALSO NOT FILED RETURN OF TDS FOR THE PERIOD 01/04/2012 TO TILL DATE

NOW HE HAS GIVEN ME MONTHLY WORKING OF TDS SO NOW I WANT TO CALCULATE TDS AMOUNT WITH INTEREST & PANALTY.

SO FROM WHICH DATE I HAVE TO CALCULATE INTEREST @ 1.5%PM?????

PANALTY 200PERDAY FROM WHEN TO WHEN?????

Replies (5)

from due date to no of months 

 

At 1.5% for every month or part of a month on the amount of such taxfrom the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200

At 1% for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
 

If TDS Quterly returns has not been filled with in due date then Rs.200 fine Arises.

Interest @ 1.5% from the date on which tax was deducted till the the date on which tax was deposited. Penalty from the due date of filing of return.

Only pay the Interest from the date of deduction of tds till the date of payment. here date deduction is important not due date. And abt penalty for non filling of TDs let the notice from Income Tax come later on pay it if required. dont pay it at present. bt file your quarterly returns accordingly

Agreed with Dipesh Mehta for late filing of return

in your case, you have to pay interest @ 1.5%p.m. from the date of deduction till the date of payment of TDS

 

and if TDS was deductible and you have not deducted TDS then u need to pay 1%p.m(from date it was deductible till date of deduction) and as well as 1.5%(from the date of deduction till the date of payment of TDS)


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