Penelty charge on TDS if deducted but not deposited

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Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2010 Dear Sir
I Want to know what is the penlty charges on TDS if we have deducted TDS from party but not deposited within due date, is F.y 2009-10 & F y 2010-2011 is penlty charges is same or different. plese guide

Thanks

Chaman Pundir

CA Pradeep Kumar Rajput

CA Pradeep Kumar Rajput (Expert)
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12 July 2010 Pay it with interest otherwise...

This is consider as the serious offence becouse you have collected maney from the department and have not paid tha same and liable for penalty and prosecution punishment are
Minimum: 3 month imprisonment and fine.
maximum: 7 year imprisonment and fine.

in short we can say you need to if cought by department the following:
1) Actual amount of TDS.
2) Intrerest on same.
3) Penalty 100% - 300% of tds amount.
4) Amount equal to actual amount of TDS for compounding for imprisonment.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2010 Dear Sir
I Want to know what is the penlty & inerest charges on TDS if we have deducted TDS from party but not deposited within due date, is F.y 2009-10 & F y 2010-2011 is penlty charges is same or different. plese guide

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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13 July 2010
For Delay payment of TDS you need to pay Interest

If you are not paid department will levy penalty Amount of actual TDS

CA Pradeep Kumar Rajput

CA Pradeep Kumar Rajput (Expert)
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13 July 2010 pay any time with interest before department start any action against you....
thats the better way to escape panalty....

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2010 Dear Sir Actualy I want to know what is the % of Interest on delay TDS deposit in the f y 2009-2010 & 2010 -2011 different or same.

C S PUNDIR

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 July 2010 up to June 30 2010 - interest Rate is 1 % permonth or part of the month

from 1.7.2010 - interesr Rate is 1.50 % per month or part of the month

Interest need to be calculated from the date of deduction to date of payment

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Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2010 thanks

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