18 March 2017
Dear Sir, Kindly tell me that the payment made to BIS regarding testing & Analysis with renewal of licence, the payment is liable to deduct the tax at source? If yes then in which section & what is the rate of Interest & Penalty?
18 March 2017
Yes, TDS is required to be deducted @10& under section 194J.
Interest for late payment or non deduction is to be paid in following manner - 1 % -> From date liable for deduction till date of actual deduction - 1.5 %-> From date of deduction to date of payment
Penalty of an amount equal to tax not deducted could be imposed under section 271C (this in not imposed in every case)
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