JS@eTDS Software - BLOG » tds defaults https://jcs-etds.com/blog for Information & Updates related to TDS / TCS Fri, 06 Apr 2012 10:05:40 +0000 en-US hourly 1 http://wordpress.org/?v=3.4.2 Interest for non payment of TDS after deduction https://jcs-etds.com/blog/?p=341 https://jcs-etds.com/blog/?p=341#comments Thu, 30 Dec 2010 10:59:58 +0000 admin http://jcs-etds.com/blog/?p=341 The interest rate on default on TDS compliance has been amended by the Finance Act 2010, according to which an assessee is regarded to be in default on the following instances:

 a)     Does not deduct the tax at source (either wholly or partly) from payments on which tax is required to be deducted under the Act.

b)    After deducting does not pay the same into the Government Treasury.

The Finance Act, 2010 has amended the said provisions and interest shall be levied as under:

•   At one percent for every month or part of a month from the date on which such tax was deductible to the date on which such tax is deducted; and

•   At one and one-half percent for every month or part of a month from the date on which such tax was deducted to the date on which such tax is actually paid.

The amended provisions are effective from 1st July, 2010.

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