TDS Quarry

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
  • note it is as per my knowledge only
The expense will be disallowed for income tax purpose. pay this as soon as possible and revise the return along with paying the interest and then claim the expense for deduction in inocme tax