Tds late deposit interest & other penalties

This query is : Resolved

Siddharth Nanda (Querist)
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27 August 2012 Dear Sir,

My queries are:

1. what are the Penalties & Interest for late deposit of TDS? Are they computed on daily basis or monthly basis? If the TDS is realted to January 12 & deposited on 8th February 2012 then what will be mode of computation if the same intended to be deposited by 7th September 2012, for an amount of say Rs.100 TDS? pLEASE ILLUSTRATE THUGH AN EXAMPLE.

2. Can we deposit Such penalties & interest through A SINGLE CHEQUE but separate challan along with TDS LIABILITY OF AUGUST 12?

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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28 August 2012 interest @ 1.5% per motnh for non deposition. For non deduction it is 1% per month.
Part of month is counted as full month.

The period starts from the date of transaction.

All the Best.....

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