My tenant, ABC LTD, deducted TDS @ 10% on a rent of Rs.20,000/- paid monthly from April 2014, But they have deposited TDS with govt. in July 15th, 2015 of the whole year 2014-15, which is very late. I want to know who is responsible for interest payment now in this case and how much?
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Interest responsibility on tds deducted late deposit
Replies (3)
Since they deducted it in time, depositing it was their responsibility and they have to bear it.
The person responsible for deducting the TDS should deposit the sum deducted to central Govt with in prescribed time.Deductor has to pay the interest liability @ 1.5% for every month or part of month from the date on which tax was dedcuated to the date on which such tax is actually paid.
Person responsible for deducting tax is responsible for the depositing the same.
if that person does'nt deposit it in time than interest payment liability is on person deducted and responsible to deposit.
hence your tenant is under fault
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