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Penalty for late deposit of TDS

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2010 Is there any penalty for late deposit of TDS collected with department? If so what is the amount of penalty payable?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
07 June 2010 NO PENALTY ON LATE DEPOSIT OF TDS ONLY INTEREST TO BE PAID @ 1% PER MONTH.
REVISED INTEREST RATE @1.5% MER MONTH FROM 01.07.2010
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CA Vanesh Nadar

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CA Vanesh Nadar (Expert)
07 June 2010 The Penalty would be of 1% p.m. upto 30.06.2010 and after that @1.50% i.e. w.e.f. 01.07.2010.

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Shyam Lal Naik

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Shyam Lal Naik (Expert)
07 June 2010 In addition to interest penalty can also be imposed u/s 221 read with section 201, if the faliure is without good and suffucient reason in the opinion of the AO.

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