one party has deduct the tax from the payment but he had not paid to the govt. through the challan in the bank, what should he do? should he calculate the interest on it? how much rate? and one more que. that he had not filed his e-tds return in any quarter, now can he file tds return now & if yes then is there any need to make payment for late filing or not?
yes he should calculate the int. also and deposited upto 7-04-2008 otherwise the expenses on which u deduct the tds not allowable in your ITR AY 2008-2009 Int. rate is 1% pm. and u have to file its TDS return otherwise Rs. 200 per day penalty is liable on it (maximum penalty is TDS payable)
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