yogesh parmar (Accountant) (22 Points)
19 June 2018Please let me know interest and penalty calculation of late payment of TDS on
immovable property.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193928 Points)
Replied 19 June 2018
As per section 201, if any person who is liable to deduct tax at source does not deduct it or after so deducting fails to pay, the whole or any part of the tax to the credit of the Government, then, such person, shall be liable to pay simple interest as given below:
Interest shall be levied 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 was deducted.
Interest shall be levied at 1.5% for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax was actually remitted to the credit of the Government
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 19 June 2018
CA S Praveen Kumar Reddy
(Chartered Accountant)
(2195 Points)
Replied 19 June 2018
CAclubindia
