DEAR SIR,
IF TDS IS NEITHER DEDUCTED NOR DEPOSITED TILL 31ST MARCH'2012 FOR THE FY 2011-2012(I.E APRIP'2011 TO MARCH'2012).
WILL THERE BE ANY PENAL INTERST FOR THE PREVIOUS MONTHS(I.E APRIL'2011-FEB2012) ,IF TDS IS DEPOSITED AND PAID BEFORE 31ST MARCH '2012 FOR THE PREVIOUS MONTHS(APRIL'2011-MARCH2012)?
CAN IT BE DEPOSITED WITHOUT PENAL INTERST BEFORE 31 ST MARCH'2012?IF THERE IS INTERST THEN HOW MUCH?
THNX IN ADVANCE
Failure to deduct TDS is 1% per month or part thereof
Failure to deposit TDS is 1.5 % per month or part thereof
failure to deduct tds attracts a interest of 1% from the month it has to be deducted to the month when deduction is carried out.
when the same has been deducted but not deposited then interest will be 1.5% for the default months.whether interest can be avoided when paid before march 31 2012 will depend on above criteria
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