09 September 2013
Sir, i have deducted TDS on 16 Aug on the amount 890429/-on professional fees and on 30 aug 34721/- on salary and delay to make the payment to government by two day i.e i make the payment to govt on 9 sep.what should be the penalty time one month or two month and when should i deposited the penalty with the TDS or After some time. if possible plz tell the exact amount of penalty.
09 September 2013
No penalty. only interest on delayed payment of tds at the rate of 1.50% per month or part of month from the month of deduction. so 2 month interest August & September will be apply 3% interest
09 September 2013
so the amount should be 13356 i.e 840890@1.5% and 520 on salary i.e. 34721*1.5% Total amount 13356+520/- plz correct me if i am wrong.
we make the payment of rent on advance basis on every month on 4 august.We also fail to make the payment of TDS to govt on 7th and make the payment on 9.what should be the interest penalty time for this.
09 September 2013
Dear Aryan in the given case interest to be paid for two months since TDS deducted on 4th August and paid on 9th September. Since more than a month interest to be paid for 2 months.
09 September 2013
Aryan TDS to be deducted on the date of payment or credit whichever is earlier as stated by you also. Advance payment was made and TDS deducted on 4th August. So since the due date was 7th September and payment made on 9th September there is a delay of more than 1 month and therefore interest need to be paid for two months.
09 September 2013
Aryan check the date of deduction. It was 16th and 30th August in the first case. So from the date of deduction till date of payment the delay is less than a month and therefore interest was required to be paid for 1 month only.
09 September 2013
it means its depend on date of deduction.we calculate from date of deduction n date of payment.calculate the difference between both the date and if difference 1 days more from one month its consider as a two month.. correct me if i wrong.
Can be make the payment separately for TDS and Interest penalty
10 September 2013
Yes Shekhar you are correct. You can make payment of TDS and Interest through separate challan but its better to pay both TDS and interest on late payment through same challan.
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