Interest/Penalty for late payment of TCS

Sourav (Student)     14 April 2021

No relaxation till now.

Late Filing Fees' for Failure To Furnish/Delay In Furnishing The TCS Statements. Failure to file your returns within the due date will mean that you will be subject to a late filing fee of Rs. 200 per day. The fee will be charged for every day after the due date, until the date on which your return is filed.

Mohanraj J   14 April 2021

Interest for late payment.
eg. Mar 21 TCS collected 1000

Ankit Neema   14 April 2021

Mr.sourav please read the Question again
interest is calculated for the late payment of TCS, if You have collected then TCS interest rate is 1.5% per month or part of the Month.

CMA Poornima Madhava (ACMA)     14 April 2021

Originally posted by : Mohanraj J
	Dear Friends, March 2021 deducted TCS payment due date is 7th of April 2021 (no relaxation for year end) ?If we failed to make payment on 7th April 2021, then how much interest/ penalties will be paid under which section?

Agree with Ankit regarding interest. No penalty unless demanded by the department. Late fee is not applicable in this case.

Sourav (Student)     14 April 2021

But if payment is failed on 7th April then penalty will be imposed

Mohanraj J   14 April 2021

Interest 1% or 1.5%?

CMA Poornima Madhava (ACMA)     14 April 2021

Interest will be payable @ 1.5% pm or part thereof, from the date of collection till the date of payment.

Sourav (Student)     14 April 2021

Yes agree with poornima as 200 rupees is late fee for late filing of return