1.) WHAT IS THE LAST DATE OF PAYMENT OF TDS TO BANK ?
2.) WHAT IS THE LAST DATE OF RETURN OF TDS QUATERLY OR MONTHALY ?
3.) WHAT INTEREST RATE AND PENALTY APPILICIABLE FOR LATE PAYMENT OF TDS AND LATE
RETURN OF TDS ?
3 Replies
Manas
(CA Final)
(43 Points)
Replied 03 August 2011
hello sachin!!!
Banks are required to submit their TDS returns Quaterly.
Time to Submit Returns are
1st Quater- 15 july
2nd Quater- 15 october
3rd Quater- 15 january
4th quater- 15 may.
Banks have option to revise their return too if they got some problem with it.
(Guest)
i differ with Mr manas.
FIRST I ADVISE YOU TO GO THROUGH THE BOOKS RELATING TO THE SUBJECT.
very -vveree brief explanation is given hereunder:-
for payment of TDS deducted into the Bank is 7th of the following month.(againb for govt. organisation-s the rule differs)
for filing of TDS returns I AGREE WITH MANAS.
Vishwas V Rao
( Chartered Accountant)
(239 Points)
Replied 04 August 2011
for payment
if its done through a challan mode then, it should be paid within the 7th of succeeding month in which tds was deducted.
if its a govt. agency and paying through book adjustment then payment is to be made within the same day of deduction.
For returns
1st Quater- 15 july
2nd Quater- 15 october
3rd Quater- 15 january
4th quater- 15 may.
Interest rate...
1% p.m from the date when tds was deductible to the date on which tds is actually deducted.
1.5% p.m from the due date of payment to actual date of payment.
As regards penalty its 100% of tds amt.
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