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Tds tcs penalty
if we pay tds and tcs for the month of March in June so what is penalty we impose on it.
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Quick Summary
For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
As due to wake up of Lockdown, penalty has been waived off all penalty. for the period between 20th March 2020 to 30th June 2020 as per the Ordinance 2020. However, in normal practices, penalty equals the defaulted amount of Deducted or collected TDS or TCS. So there is no penalty for the month of March.
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