TDS deducted but not paid during the year.fy-09/10

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2010 Dear experts, one of my client,who was liable to deduct the TDS, has deducted the tax at source during the fy-09-10 (Includes all months from April to march), but has not deposited any amount till 20 th sept-10. Whether he can pay the TDS now and save himself form the dis allowance provisions U/s.40 A.

24 September 2010 He can pay the TDS now with interest as per the following rates.

Rate of Interest (Per month or Part of the Month) Period for Which interest is Payable
1% From the date on which tax was deductible to the date on which tax is actually deducted
1.5% From the date on which tax was actually deducted to the date on which tax is actually paid.

Further, No disallowance will be made, if the tax is deposited before 30th sep 2010

24 September 2010 Yes.. TDS alongwith late payment interest

i.e 1 % per month from the month of TDs deduction to June,2010 &

1.5 % per month from July,10 to Sept,10

have to be paid before the date of ITR.

Then there will be no dis-allowance.



24 September 2010 agree with the experts view.



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