Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2012 Dear experts,
What are the various interests that can be levied for not deducting tds or not depositing tds after deduction?Whether the assessee will be liable to pay intt. u/s 220(for being assessee in default) as well as simple intt. @ 1% or 1.5% as the case may be?
Please clarify.
thanx in advance

GN Patankar

GN Patankar (Expert)
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10 October 2012 Intt is 1% from the date on when tds is to be deducted and when it is deducted

Intt is @ 1.5% from the due date of paymnet

Exm. : actual tds date is 9-4-12 deducted on 25-5-12 intt @ 1% PM

now due date will be 07-6-12 & paid on 07-07-12, intt will be @ 1.5% PM