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TDS

Deepak Garg ( ) (134 Points)

26 June 2010

Can Anybody tell me what is the penalty for late filling of TDS return and what is the Interest rate that has to be charged for late depositing of TDS amount...

I want to ask penlaty amount and from which date it is effective

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4 Replies

CA Seema Kochar (CHARTERED ACCOUNTANT) (636 Points)
Replied 26 June 2010

Penalty fees is Rs 100 / day & it would be effective from the day after due date for filling returns.

Interest is charged @ 1% / month or any part (Simple Interest), from due date of deposit to actual date of deposit.

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Vivek Jarial (Student) (272 Points)
Replied 26 June 2010

If the TDS amount is not deposited by the required date, then for each month you must add an interest equal to 1% of the TDS amount. Even if the delay is by one day, you will pay one month's interest.
If the TDS return is not filed by the due date, there is a penalty of Rs. 100 per day subject to maximum limit equal to the TDS amount.

Rajesh Joshi (Owner) (21 Points)
Replied 26 June 2010

My company receives a bill for supply of stationery item say Excercise books and pays VAT on the items.

Should we deduct TDS on the bill of that itme?

As some financial consultant saying that since the printing is involved in those books so it comes under job work. There is no mention of printing of Excercise books in the bills of supplier and he charging applicable rate of VAT on itmes.

As I feel if I am paying VAT on the items then how can I deduct TDS on the same bill and there is no mentioning of Printing expenses and cost of paper in the bill of supplier, then how can TDS be deducted? The bill is clearly mentions rate of item, quantity and vat applicable, the only matter is we are printing name of the company on excercise books.

Please guide me how can we deduct TDS on supplier bill of stationery item?

(Guest)

Originally posted by : Seema Kochar
	Penalty fees is Rs 100 / day & it would be effective from the day after due date for filling returns. Interest is charged @ 1% / month or any part (Simple Interest), from due date of deposit to actual date of deposit.