mytaxes ASK ANSWER DISCUSS
April 20, 2014, 06:29:46 PM *
Welcome, Guest. Please login or register.

Login with username, password and session length
News: Play Indian Rummy online on LIVE public table. Available for Android, iPhone and iPad. http://www.octrorummy.com. Play for fun and recreation (no gambling). Play in real time with your Facebook friend or other players all over the world.
 
   Home   Help Search Login Register  
Pages: [1]   Go Down
  Print  
Author Topic: Interest and penalties on TDS  (Read 13108 times)
ysdprasad
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
Administrator
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.
Logged
Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.18 | SMF © 2006-2007, Simple Machines | Sitemap Valid XHTML 1.0! Valid CSS!