There is Audit fee provison Rs. 300000 accounted in books as on 31-3-2019, same is dissallowed under section 40(a)(ia) for FY 2018-19
1).then tds is paid on December 2019 then, at time of filling tds return this tds payment is part of FY year and which quarter?
2). Is any interest is applicable? what is rate of interest? interest from which period to which period?
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TDS QUERY......
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For your late TDS payment in December 2019, you are liable to pay interest under Section 201(1A) at 1.5% per month from the date of deduction to the date of payment. Any part of a month counts as a full month. You should report this in your TDS return for the quarter in which the payment was made and consider filing a correction statement for the original period.
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