TDS
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2011
How much interest is levied in case of delayed payment of TDS ,
Its 1.5% p.m. Besides this if any other interest?
What is the penalty in case of non filing/delay in TDS returns>>
Its 1.5% p.m. Besides this if any other interest?
What is the penalty in case of non filing/delay in TDS returns>>
27 February 2011
Under the existing provisions of section 201(1A) of the Act, a person is liable to pay simple interest at one per cent for every month or part of month in case of failure to deduct tax or payment of tax after deduction.
With a view to discourage the practice of delaying the deposit of tax after deduction, it is proposed to increase the rate of interest for non-payment of tax after deduction from the present one per cent to one and one-half per cent for every month or part of month.
This amendment is effected from 1st July, 2010.
Under the existing provisions of section 201(1A) of the Act, a person is liable to pay simple interest at one per cent for every month or part of month in case of failure to deduct tax or payment of tax after deduction.
With a view to discourage the practice of delaying the deposit of tax after deduction, it is proposed to increase the rate of interest for non-payment of tax after deduction from the present one per cent to one and one-half per cent for every month or part of month.
This amendment is effected from 1st July, 2010.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 February 2011
Besides this if any interest/penalty is levied???
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