Tds on salary not deducted???

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Deepak (Querist)
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27 February 2012 Dear Experts,

If company has not deducted the TDS of employees (short deducted or not deducted at all) till now, & now they are going to deduct TDS.

Question is,

Whether the company is liable to pay interest on such TDS deducted & paid in Feb & March for whole FY 2011-12

CA Himanshu Sharma

CA Himanshu Sharma (Expert)
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27 February 2012 Interst under Section 201(1A) is 1% and is payable from the date on which such tax was deductible to the date on which such tax is actually paid.

This provision is amended w.e.f. 01/07/2010 as under:

1% from the date on which such tax was deductible to the date on which such tax is actually deducted.

1.5% from the date on which such tax was actually deducted to the date on which such tax is actually paid.

i think i resolved your query

Deepak

Deepak (Querist)
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27 February 2012 Sir that was not my question...

Question is,

TDS deducted late on salary i.e., not deducted at all during the months from April,11 to Jan,12

Whole TDS will be deducted on Feb,12 & March,12 then Interest liability will arise or not?????

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CA Himanshu Sharma

CA Himanshu Sharma (Expert)
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27 February 2012 yes as i said above

1 % from the date of date on which tax was deductible to date when tax was actually deducted

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Deepak

Deepak (Querist)
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27 February 2012 Thanks alot sir...