LATE DEDUCTION of TDS

This query is : Resolved

A J Sankar (Querist)
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21 October 2008 What is the effect if TDS has deducted lately?
Is there any penalty or dissallowance.
What is effect if subsequent deduction of TDS as required.

Thank you

Guest

Guest (Expert)

21 October 2008 if you have not deducte the TDS required to deduct then there is simple penalty of 1% per month on amount not deducte or disposite late. but the TDS must be deducted and deposite as early as possible. so if you have deducted the TDS lately then pay simple 1% int. on amount not dedcted from credit date to deposite date.

A J Sankar

A J Sankar (Querist)
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22 October 2008 Thnks for your reply isr

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