Hi, I don't know how to pay the interest for late payment of TDS.I don't know how to mention it in the challan and cheque what i am going to send. One more thing we are making payment in manual format. Please help me in this issue. Thanks
vijayalaxmi (Sr.Accountant) (71 Points)
17 December 2013Hi, I don't know how to pay the interest for late payment of TDS.I don't know how to mention it in the challan and cheque what i am going to send. One more thing we are making payment in manual format. Please help me in this issue. Thanks
Amrin
(Chartered Accountant)
(215 Points)
Replied 17 December 2013
Interest on late payment is 1.5% from the date of credit of payment if TDS is not paid on due date.
Also if you only have to pay interest then, there is a provision in the Form 281.
You can write down the amount there and prepare the challan. With regards to issue of cheque, you have to deposit cheque into the bank you normally deposit other Tax Related cheques. Just keep in mind just mention Interest amount in the "CHALLAN"
VIKAS BHATNAGAR
(CA,CS)
(87 Points)
Replied 17 December 2013
Only payment will not remove the default from TRACES.You need to file revise return with the details of late payment challan.
Maneesh Kumar
(B.Com M.Com STUDENT CWA IPCC)
(507 Points)
Replied 18 December 2013
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