DEAR SIR,,
IF TDS IS NOT DEDUCTED AND DEPOSITED FOR FY2010-2011( FOR EXAMPLE ASSUME THAT RS 1000 TDS WAS TO BE DEDUCTED AND DEPOSITED IN FY 2010-2011 AND HAD NOT BEEN DONE IN THAT YEAR)
WHT AMOUNT TO BE DEPOSITED AS OF TILL DATE ?(APRIL'2012)
THNX IN ADVANCE
you have to pay 1% interest for late deduction & 1.5 interest per month for late payment
revise the return after making payment
as said above you have to calculate interest at the rate of 1% for late deduction and 1.5% for late payment.
please make sure that while calculating the interest amount it has to be calculated on monthly basis and not on yearly basis.
Also the whole month's interest is to be calculated even if just one day of that month is completed.
CAclubindia
