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TDS

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(Querist)
08 July 2009 hi..can anyone pls inform what happends if deductee has deducted TDS but not deposited it within duedate.....????
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
08 July 2009 Liable to pay interest @ 1% per month.
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Ratan Sharma

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Ratan Sharma (Expert)
08 July 2009 If the TDS is not deposited upto the date of filing return prescribed u/s. 139(1), then the expenses on which TDS deducted will be disallowed. Interest is also payable from the 1st april upto the date of payment @ 1% p.m.
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