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Author Topic: Interest and penalties on TDS  (Read 13112 times)
Jr. Member
Posts: 5

« on: December 12, 2008, 07:56:25 AM »

I want to know about interest & penalties on late payment of TDS and late submission of TDS return.
When a person fails to pay TDS within due date then he has to pay simple interest @ 1% per month but what about penalty?
Please tell me also for late submission of TDS return.
Thank you,  Prasad.
« Last Edit: December 13, 2008, 11:32:36 AM by MyTaxes Support » Logged
MyTaxes Support
Sr. Member
Posts: 212

« Reply #1 on: December 15, 2008, 10:10:54 AM »

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.
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