Interest on late deduction of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2017 Respected Sir,
Good morning i have some query related tds given below-
1) We have paid to party 23rd December 2016 u/s 194c and deducted tds in month of march and deposited on 23 rd April 2017. We have applied tan in month of feb -17.My doubt is.
I) Is applicabl tds on delayed payment?.
II) Is liable for intrest on late payment of TDS?
III) Is liable for penalty on late filing of E-Tds return?

Please Sir guide me.

CA. Amit G. Chandani

CA. Amit G. Chandani (Expert)
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03 May 2017 Interest on late deduction and late deposit of TDS will be payable as follow:
(i) Interest @ 1% pm for 4 months (Dec-March) for late deduction of TDS
(ii) Interest @ 1.5% pm for 2 months (March-April) for late deposit of TDS
Fees for default in filing TDS return of Rs. 200/- per day (subject to maximum amount of TDS) of default will also be payable.