If we had received salary an amount of Rs. 700000/- in financial year 2014-2015. in this amount employer had not deduct TDS for that year(2014-15) ? Employer will be deduct on TDS for the F.year 2015-16 on that amount(Rs. 700000) Yes or Not ?
yes you can deduct the t.d.s for the f.y 2014-15 in f.y 15-16 if t.d.s is not deducted the salary paid is dissallowed expenses to employer so he cant claim as expense to employer after deducting t.d.s employer can revise the 2014-15 return to claim that expense and the late deduction
rate of interest W.e.f 01-07-2010
From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m.
For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m