Tds late payment charges

This query is : Resolved

Komal patil (Querist)
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30 March 2016 Dear sir can you explain me if TDS is not paid for the FY 2014-15 Of August-2014 month if I want to pay now than can I pay the same. And also tell me percentage of Interest on late payment of TDS and on TDS return file.

CA Darshan

CA Darshan (Expert)
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30 March 2016 When TDS is deducted but not paid :-
Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid.

When TDS is not deducted:-
Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually deducted/collected.

Till 31-5-2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. so if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled. Now if due to mistake any late fee U/s 234E is paid then refund will be granted of such excess late fee.

Read more: Late filing fee u/s 234E for E-TDS return before 01.06.2015 not applicable