23 April 2012
A Co. has an employee on which salary tds of rs. 5000 (which should be divided by no. of months and every month 417 rs. )was required to be deducted in the whole year, but tds was not deducted from april-feb, now co. can deduct tds of rs. 5000 in the last month? whether co. is liable to pay any interest or penalty for not deducting tds on the salary during the year?
23 April 2012
Yes. Interest is required to be paid @1.50% per month. April2011 TDS 417 for 11 months, May 2011 TDS 417 for 10 months and so on... you have to calculate.
CAclubindia
