Tds on contract
Querist : Anonymous
Company Recieved the Bill for the month of july 2014 as on 31.7.2014 and booked or Deduct TDS 2% , But Not Deposited till Date
Pls tell me Penalty
Querist : Anonymous
Intrest for One Month or Two Month
but in your case, you have deducted on 31th july, you may deposit interest for 1 month.
but in your case, you have deducted on 31th july, you may deposit interest for 1 month.
Interest on late deposit of TDS is applicable @ 1.5 % per month or part thereof. The period for delay is taken from date of deduction to date of deposit. So, in specific cases a delay of one day may lead to pay interest @ 3 % .
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