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Penalty

Saroj Rana (MBA Finance) (417 Points)

16 January 2008

Dear members,

What is the penalty for late TDS filling and what will be the Interest charges if any

Thanks in advance

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6 Replies

Nagaraju Pogula (Partner) (175 Points)
Replied 16 January 2008

For late payment of TDS for every month 1% intert on TDS.

Amit Sharma (article) (2677 Points)
Replied 16 January 2008

Interest will be charged on 1% on the amount taxable under TDS every month , hence 12% p.a.

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 16 January 2008

Hi Saroj 1] Failure to deduct tax at source on average rate/ applicable rate Sec. 201(1) & Interest 15% p.a. u/s. 201(1A) Penalty u/s. 221, 271C equal to amount of tax not deducted. 2] Failure to deposit tax deducted Interest u/s. 201(1A), Penalty u/s. 221, Prosecution u/s. 276B, RI 3 months to 7 years & fine. 3] Failure to issue TDS certificate Sec. 272A(2)(g) Rs.200 per day max. Rs. 100 per day minimum per certificate 4] Failure to submit Returns/ Statement Sec. 272A(2)(c) Rs.200 per day max. Rs. 100 per day minimum per certificate 5] Failure to recover tax and pay u/s. 226(2) Sec. 272A(2)(h) Rs.200 per day max. Rs. 100 per day minimum per certificate 6] Failure to deliver declaration to CIT/ CCIT u/s. 197A within 7th of next month Sec. 272BB Rs.5000 maximum I bel now penalty is clear to you

Saroj Rana (MBA Finance) (417 Points)
Replied 17 January 2008

Sir, Thanks a lot for the information I will update the facts once again thanks

girish mangla (practice) (206 Points)
Replied 21 January 2008

for late payment of tds 1% p.m. interest is chargeable even for delay of one day or more. for late filling of tds return Rs.100 per day will have to be paid upto the filing of return.

(Guest)

1. what is the penalty for non submitting of TDS return. 2. when should the department will ask for the penalty or shall the penalty amt be collected at the time of filling the return. 3. will the penalty amt not exceed the total TDS amt.