23 May 2017
Small proparatory company in that 4 employees TDS was deducted but not deposited to tax department.now the company has deposited the TDS. Does the company has to pay interest and fine on TDS or any solution . If fine and tax how much it will be ( TDS deposited 4000*12=48000 for each employee ) pls give your valuable input so that for employer it should not be burden now.
23 May 2017
On TDS not deposited interest of 1.5%p.m. charged. Also no return filed for the same for which penalty of Rs.100 perday maximum upto amount of TDS is charged.
23 May 2017
TDS deducted to be remitted within 7 th of subsequent month if you fail interest @1.5 pm% from the month of tds till such delay payments and quarterly TDS returns to be filled due date end of subsequent month quarter Penalty will be 200per day u/s 234E from the due date subject maximum tax deducted amount.
CAclubindia
