Tds return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2012 Dear expert,
In case of govt. deductor, a payment made to contractor of Rs. 80000/- on 15-03-2012 and tds @ 2% is 1600/-. However the tds was deposited at bank on 18-03-2012 by cheque. Whether the interest liability will attract on part of deductor and what would be interest rate.
Please advise.

CA PARTH SHAH

CA PARTH SHAH (Expert)
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14 April 2012 NO. INTEREST LIABILITY ON THE DEDUCTOR AS TDS DEDUCTED IS DEPOSITED WITHIN THE DUE DATE

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2012 however, govt. deductor is liable to deposit on same day?

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CA PARTH SHAH

CA PARTH SHAH (Expert)
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14 April 2012 WHEN TDS DEDUCTED IS DEPOSITED WITHOUNT ACCOMPANYING THE INCOME TAX CHALLAN, ONLY THEN IS TO BE DEPOSITED ON THE SAME DAY.

OTHERWISE IT IS TO BE DEPOSITED WITHIN 7 DAYS

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2012 whether the tds can be deposit without accompanying challan? if yes, then how the bank accepts the tax amount without challan?