TDS late payment Interest Calculator and
Late Filing Fees
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TDS Late Payment Interest Calculator
As per Section 201(1A) of the Income Tax Act, Any person who is required to deduct tax at source and has failed to do so or after deducting the same has failed to pay the TDS to the govt. account within the due date of payment is liable to pay interest on the TDS.
The Interest is calculated as under :
(a) On failure to deduct the tax at source
Interest is payable @ 1% for every month or part of the month on the amount of such tax from the date on which the tax was deductible to the actual date of deduction.
(b) On failure to pay the tax
Interest is payable @ 1.5% for every month or part of the month on the amount of such tax deducted and not paid from the date of deduction to the date of actual payment.
Also when the tax is deducted but not paid to the account of the govt. after deduction, the amount of tax together with the interest as above shall be a charge upon all the assets of that person or company.
For Example,
TDS of Rs.25000 was deductible on 5th Feb. 2020 but was not deducted and subsequently, it was deducted on 1st March 2020 then the interest is to be paid for Feb. & March @ 1% each for two months i.e. 25000 * 1%*2 =500.
TDS of Rs.10000 was deducted on 26th Feb.2020 but was not paid on 7th March but it was paid on 15th March. In this case Interest @ 1.5% will be levied for Feb. & March i.e. 10000*1.5%*2=300.
TDS Late Return Filing Fees
The TDS and TCS Returns are to be filed within the due dates as prescribed under the Act. The due dates are separately provided in our knowledge section in respect of TDS.
If any person who is required to file TDS or TCS return fails to do so within the due date then
Late fees u/s 234E of the Income Tax is leviable which is :
Rs.200 per day of default which will continue till the date of filing of return
However, the late fee shall not exceed the total TDS/TCS deductible or collectible for the particular return
Also the late fee has to be paid before the filing of return of TDS or TCS as the case may be.
For Example :
TDS return in Form 26Q for the quarter ended 30th Sept. 2022 which was required to be filed on or before 31st Oct. 2022 was actually filed on 10th Nov.2022. The total TDS deducted in that particular return was Rs. 1800.
In the above case, the late fee will be :
Rs. 200 * 10 days of delay i.e. from 31st Oct. to 10th Nov. = 2000
However, the maximum late fee can't exceed the total TDS deducted which is Rs. 1800 only.
Hence the maximum late fee payable will be Rs. 1800 only.