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how to calculate penalty for detayed payment of TDS

sushil (Accounts) (62 Points)

17 December 2008

Please let me how to calculate penalty in case of delayed payments and what is the percentage for 194C / 194J / 194H etc.

If I have deducted TDS on 20th August and paid on 29 Sept 08. What is the penalty ? should we pay this now or it is advisable to make a provision and pay when we get the assesment order for AO.

Thanks / Sushil

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(Guest)

For late payment of TDS interest @ 1% per month will be charged from the due date till the date of payment. Also for considering period part of the month is to be taken as full month.

In your case you deducted TDS on 20th August the due date will be 7th of next month i.e. 7th September but you actuall paid it on 29th September so yoy will have to pay the amount of TDS plus interest for 2 months @ 1%p.m. i.e. 2%.

Also it is advisable to pay TDS as early as possible if not interest will be cumulated monthly.

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(Guest)

Penalty for late payment of TDS is in form of interest chargeable at the rate of 1% per month & it is same in all classes of TDS.

In your case you deducted tax on 20^th August so the due date to deposit tax was 07^th September but deposited the same on 29^th September. Hence you will have to pay interest for 1 month i.e. 1%.

It is advisable to deposit tax as soon as possible because interest will be charged @ 1% p.m. Which will keep on cumulating.

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB) (9060 Points)
Replied 28 March 2009

For late payment of TDS interest @ 1% per month or part of month will be charged from the due date till the date of payment.

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(Guest)

For provisions made on 31st of march.........Due date is 31st May.

Interest will be applicable only after this date.

MAHESHA R (ACCOUNTANT) (35 Points)
Replied 23 October 2009

I have to pay tds on the amount Rs.62,631/- for the year 2007-2008.

How to calculate TDS amount for the above amount.

Thanks

Mahesh

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Hitendra Singh (Accounts Manager) (35 Points)
Replied 10 June 2010

how to calculate tds panalty my tds on april 2009 amount of 1552 i can,t diposite.so how much pay amount of tds.

Thanks & Regards

Hitendra Singh

Accountant

HARENDRA KUMAR (ACCOUNTANT) (89 Points)
Replied 26 September 2010

Hi ,

Please let me how to calculate penalty in case of delayed payments and what is the percentage for 194H.Due to some reason i have not Paid on due date .Rs.12500 TDS u/s 194H. i have deduct on dt.6/8/2010,so how can interest calculate on amount and kindly give me rate of Interest.

Thanks & Regards

Harendra Kumar

Pune

(Guest)

Dear All,

You have deduct TDS but not paid till date due to some reson, so you are paid TDS with interest (panalty) @ 10% per month is calulate given below:-

ABC Co. Ltd. TDS Deduct of Rs.10,500/- on Aug-5-2010 calculate interest @ 1%

= Rs.8.75 (one month) u not paid TDS on or before 7-9-10, You can pay balance TDS of Aug-10 pay on Sep-10 on or before 5-8-10

You are pay TDS of Rs.10,500 + interest Rs.17.50 (Two Month) = Total TDS of Rs.10,517.50

if you are not pay on or before 5.8.10 and pay on 6.8.10 interest calculate is three month

Regards,

Rahul Sharma

(Guest)

Dear Mahesh

Please gve me exact date of You can deduct TDS for the Year 2007-08

(Guest)

Originally posted by : hitendra singh
	how to calculate tds panalty my tds on april 2009 amount of 1552 i can,t diposite.so how much pay amount of tds. Thanks & Regards Hitendra Singh Accountant