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TDS Payments

pooja (Accounts Executive) (69 Points)

08 June 2011

Hello everyone,

I would like to know in detail,if TDS of particualr section is not paid before 7th of evry month??what interest or penalty one has to pay,along with the payments to b done after 7th?

Please guide..

Thanks in advance

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5 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 08 June 2011

Interest from 01.07.2010
.
> For late deduction of Tax deduction at source-(period: date from tax deductible to date of actual deduction ) (rate 1 % per month or part thereof)
.
> For late deposit of TDS after deduction (period: date from tax deducted and date of actual deposit) (rate 1.5 % per month or part thereof)

2 Like

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 08 June 2011

Originally posted by : Deepak Gupta
	Interest from 01.07.2010 . > For late deduction of Tax deduction at source-(period: date from tax deductible to date of actual deduction ) (rate 1 % per month or part thereof) . > For late deposit of TDS after deduction (period: date from tax deducted and date of actual deposit) (rate 1.5 % per month or part thereof)

1 Like

CA Rakesh Garg (Asst. MGR Taxation) (510 Points)
Replied 09 June 2011

i m also agree wid deepak

(Guest)

Originally posted by : Deepak Gupta
	Interest from 01.07.2010 . > For late deduction of Tax deduction at source-(period: date from tax deductible to date of actual deduction ) (rate 1 % per month or part thereof) . > For late deposit of TDS after deduction (period: date from tax deducted and date of actual deposit) (rate 1.5 % per month or part thereof)