WebApr 7, 2024 · Also read; Penalty for Late Filing TDS Return. Interest Rate for TDS Payment: According to Section 201(1A) of the Income Tax Act of 1961, if tax is not deducted at … However, if tax is deducted at source under Sections 194-IA and 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QB and Form 26QC, … See more The dates for depositing the tax deducted at source and filing of TDS return for the financial year 2024-23 for all the deductors is shown in the below table- *All sums … See more Note: The above interest should be paid before filing of TDS return. Under Section 201(1A), in case of late deposit of TDS after deduction, you have to pay interest. … See more If the person fails to collect tax at source (TCS) or collects tax (TCS) but fails to deposit to the government within the prescribed due dates, then he is required to … See more

PENALTIES UNDER THE INCOME-TAX ACT

WebAs per section 201(1A), interest for delay in payment of TDS should be paid before filing the TDS return. Basic provisions relating to due date of payment of TCS to the credit of … WebApr 19, 2024 · Thus, interest payable on late deduction of TDS is: Rs. 5000 x 2 months (October and November) x 1% (interest rate) = Rs. 100. Now, let’s say that employer XYZ … bluenose inn jackson nh

Details On TDS Penalty And Interest For Late Payment

WebApr 11, 2024 · 2.2 Feeling aggrieved and dissatisfied with the levy of interest/penalty under Section 271C of the Income Tax Act, 1961 on late remittance of TDS is the subject matter … WebPenalty for default in making payment of Self Assessment Tax As per section 140A(1) any tax due (after allowing credit for TDS, advance tax, etc.) along with interest and fee* … WebMar 13, 2024 · PENALTY LEVIED FOR SHORT OR LATE PAYMENT OF TDS: The deductor may face a penalty equal to the amount that was not deducted or remitted. He may even … bluenotes saint john