I had asked the bank to detuct tds last month for the entire year and the interest amount crossed exemption limit.
Now, my question is - What is the last date for detucting the taxes for all quaters of financial year (2014-2015)
along with penal interest and filing charges?
I know for march it is 30th April - What about the whole of last year.
and if the bank pays now - Will we get the credit for the FY 2014-2015?
For months other than april, due date to deduct tds is 7th of following month, and yes you will get credit for the whole amount though whole tds has been deducted in month of March.
Penal Interest: Delay in deposition of tds = 1% in cae where no tds has been deducted.
1.5% in case where tds has been deducted but not deposited.
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