Penelty charge on TDS if deducted but not deposited
Querist : Anonymous
I Want to know what is the penlty charges on TDS if we have deducted TDS from party but not deposited within due date, is F.y 2009-10 & F y 2010-2011 is penlty charges is same or different. plese guide
Thanks
Chaman Pundir
This is consider as the serious offence becouse you have collected maney from the department and have not paid tha same and liable for penalty and prosecution punishment are
Minimum: 3 month imprisonment and fine.
maximum: 7 year imprisonment and fine.
in short we can say you need to if cought by department the following:
1) Actual amount of TDS.
2) Intrerest on same.
3) Penalty 100% - 300% of tds amount.
4) Amount equal to actual amount of TDS for compounding for imprisonment.
Querist : Anonymous
I Want to know what is the penlty & inerest charges on TDS if we have deducted TDS from party but not deposited within due date, is F.y 2009-10 & F y 2010-2011 is penlty charges is same or different. plese guide
For Delay payment of TDS you need to pay Interest
If you are not paid department will levy penalty Amount of actual TDS
thats the better way to escape panalty....
Querist : Anonymous
C S PUNDIR
from 1.7.2010 - interesr Rate is 1.50 % per month or part of the month
Interest need to be calculated from the date of deduction to date of payment
Querist : Anonymous
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