penal interest on late payment of TDS to dept
This query is : Resolved
25 June 2010
hi friends
can i know what is the penal charges for late payment of tds amount to IT dept
can i know what is the penal charges for late payment of tds amount to IT dept
25 June 2010
1% per month/part of a month.
Interest payable from the date the TDS was deductible to the date of actual payment.
Interest payable from the date the TDS was deductible to the date of actual payment.
25 June 2010
Interest on late payment of TDS, is applicable at following rates by simple interest rate method.
A) period prior to 01.04.08 interest is chargeable @ 12 per cent per annum.
B) after .01.04.08 interest is chargeable @ 1 per cent for every month or part of the month ,means full month interest will be charged for fraction period of month
other points
1.while calculating interest TDS amount payable on which interest is to be calculated (principal amount) should be rounded of to nearest multiple of 100 ignoring fraction of Rs.100.
2.Interest will be charged on the amount payable form the date on which such tax deductible to the date of actual payment.
3.Means while calculating period for interest purpose ,the period prescribed for making the payment to the credit of central government is not to be excluded.
4.Interest liability is absolute and mandatory and should be deposit through self assessment and assessing officer can not exempt from interest liability.
5.With effect from 1.6.2006 ,this interest must be paid on self assessment basis by the person every quarter before furnishing the quarterly return.(form 24Q/26Q/27Q
Interest on late payment of TDS, is applicable at following rates by simple interest rate method.
A) period prior to 01.04.08 interest is chargeable @ 12 per cent per annum.
B) after .01.04.08 interest is chargeable @ 1 per cent for every month or part of the month ,means full month interest will be charged for fraction period of month
other points
1.while calculating interest TDS amount payable on which interest is to be calculated (principal amount) should be rounded of to nearest multiple of 100 ignoring fraction of Rs.100.
2.Interest will be charged on the amount payable form the date on which such tax deductible to the date of actual payment.
3.Means while calculating period for interest purpose ,the period prescribed for making the payment to the credit of central government is not to be excluded.
4.Interest liability is absolute and mandatory and should be deposit through self assessment and assessing officer can not exempt from interest liability.
5.With effect from 1.6.2006 ,this interest must be paid on self assessment basis by the person every quarter before furnishing the quarterly return.(form 24Q/26Q/27Q
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25 June 2010
The rate of interest stood modified wef 01.07.2010.
For delay in deduction @ 1% per month/part of a month.
For delay in remittance @ 1.5% per month/part of a month
For delay in deduction @ 1% per month/part of a month.
For delay in remittance @ 1.5% per month/part of a month
25 June 2010
If the person responsible for deducting or depositing the tax at source, does not pay or deposit the TDS then Interest u/s.201(1A) @ 12% p.a. from the date on which the tax was deductible to the date on which such tax is actually paid will be levied on the amount of such tax.
PROSECUTION U/S.276B
If the deductor fails to deposit the tax deducted by him at source, he shall be punishable with rigorous imprisonment for a term from three months to seven years along with fine.
PROSECUTION U/S.276B
If the deductor fails to deposit the tax deducted by him at source, he shall be punishable with rigorous imprisonment for a term from three months to seven years along with fine.
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