CA (Final) Salem. Tamilnadu. sssvksridh
218 Points
Joined May 2011
Dear Sudipa Majumder,
There is no interest on late filing of TDS Returns. But there is penalty of Rs. 100 for every day from the date on which the return ought to have been filed to the date on which the return is actually filed.
Interest has to be paid by the deductor on the late remittance of TDS into the credit of Central Government at the rate of 1.5% per month or part of month.
In addition, interest has to be paid by the deductor on the late deduction of tax from the deductee at the rate of 1% per month or part of month. For more detail, read Section 201(1A) read with Rule 119A.
I am getting an excel template file to calculate the interest ready. If you want, I send it to you after getting it ready. If you want, send me your request.
Thanks,
Sridharan R.
Salem.