Vikash Kumar (Manager Accounts (CA. Final)) (694 Points)
31 December 2010
TDs on salary for the month of october and november-10 not deducted by employer, but in december-10, deducted total TDs liability from oct. to dec-10.
Now is there any requirement of act to deposit tds along with interest liability for the month of october and december-10?
S Sivasalapathy
(Job)
(262 Points)
Replied 31 December 2010
No need to pay interest for non deduction of TDS in the month of Oct & Nov.
Vivek Raju P
(Manager)
(614 Points)
Replied 01 January 2011
TDS needs to be deducted on a monthly basis and deposited within 7 days into the account of the government. As the entity in this case has failed to to deduct TDS it has to pay interest for the delayed payment at 1% per month.
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