How Much Interest is Charged for TCS Late Filing?

Learn about the interest and penalties incurred for TCS late filing to stay compliant and avoid additional costs.

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TCS late filing incurs an interest of 1% per month or part of the month on the amount of tax collected but not paid. Additionally, a penalty may also be charged for late payment or non-filing. It's crucial to file TCS returns on time to avoid these additional costs.

FAQs & Answers

  1. What happens if I file my TCS returns late? Filing TCS returns late can result in an interest charge of 1% per month and potential penalties for non-filing.
  2. How can I calculate the interest on TCS late filing? The interest is calculated at 1% per month on the amount of tax collected but not paid.
  3. Are there any penalties for late TCS payments? Yes, in addition to interest, a penalty may apply for late payment or non-filing of TCS returns.
  4. What is TCS and why is timely filing important? TCS stands for Tax Collected at Source, and timely filing is crucial to avoid additional costs and maintain tax compliance.

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