A loan was taken on Oct 2018 from individual and interest payment was made for november and december, but from january only provision entry is passed and payment was made in may 2019, so the tds should was also deducted only in may 2019
what will be the penalty on late payment of tds?
For late deduction of tax: 1% per month from the month of deduction till the month of payment.
And for late payment of tax, if any: 1.5% per month from the month of deduction till the month of payment.
RMA And Associates LLP
New Delhi
CA Inter
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N N V Satish & Co.,
Hyderabad
CA Inter
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CCI
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