Tds deducted but not remitted

1120 views 6 replies

Dear Sir,

I have deducted Rs.8700 every month for the FY 2013-14 as TDS from my land lord for the rent.   But my accounts department has failed to pay the same in the government account.  We are a partnership firm.  Now my landlord is asking for the TDS certificate.

Now we would like to remit the amount. So should I have to pay any interest and penalty?  If so how much?

Also please let me know that there is any penalty or late fees for filing the TDS return for me.  If so how much?

Regards,

Sankar

Replies (6)

Download Interest on TDS calculator from the following link to calculate the interest  /share_files/tds-interest-calculator--62774.asp#.U6077fmumm0

and late fees will be 200/ days subject to maximum of TDS.

TDS deducted but not paid -Interest u/s 201(1A) shall be chargeable @ 1.5% per month 

So accordingly calculate.

Penalty under Sec 234E for delay in filling TDS return is Rs. 200 per day till the default continues subject to maximum of TDS not deducted or after deduction not paid....

INTEREST RATE ON LATE DEPOSIT OF TDS = 1.5% PER MONTH OR PART OF THE MONTH INCLUDING THE MONTH IN WHICH TDS WAS DEDUCTED.

PENALITY FOR LATE FILING OF RETURN = 200PER DAY UPTO MAXIMUM OF TDS LIABILITY

Please clarify my calculation for the penalty for late filing if I am filling the returns of all the four quater on 27th June 2014

1st quater filing date is 15th July and my penalty is Rs.26,100/- 

2nd quater filing date is 15th October and my penalty is Rs.26,100/-

3rd quater filing date is 15th January and my penalty is Rs.26,100/-

4th quater filing date is 15th May and my penalty is Rs.8,600/-

Am I right?

YES

 

Dear

 

         You also in default under Section 276B Prosecution for TDS deducted but not paid within Prescribed date.subject to penalty Rs.10000/- which extent to 6 month Imprisonment.

 

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