tds
Querist : Anonymous
I have a query on tds
I deducted tds for one party in aug,09 and i did not deposit till now that is july,2010
My query is
1.Wat is the interest payable now
2.do i need to revise the earlier return of that quarter
3.Do i attract any penalty
2. Yes
3. In case the same is deposited with ineterst at yor own, the penalty provisions are not initiated.
from July 10 - August 10 - 1.5% p.m. - 3%
=11 + 3 = 14%
2. You will have to revise that quarter return.
2.after payment you can correct the TDS statement
3. Penalty will not be there
Querist : Anonymous
Please advise
i.e. 11% till june +3% if you pay the amount in august,10.
total interest 14% on TDS Amount.
2) Yes return should be revised for 2nd quarter
3) Penalty under sec 221 can be levied subject to maxium amount of tax involved.
Kindly verify the same and revert.
Querist : Anonymous
1.5 % for July,10
& consider today's date, 1.5 % for Aug,10
2. Yes
3.No penalty as you are going to deposit the TDS with applicable interest as in point no. 1.
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