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Tds

Ankit (account) (89 Points)

03 July 2015

Do we have to deposit TDS from our own pocket if We have not deducted TDS?

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2 Replies

CA Suri Kota (Assistant Manager @ EY) (955 Points)
Replied 03 July 2015

It is the duty of the assessee to deduct on vendor payments, In case of failure, assessee is held responsible for non deduction and has to remit the TDS along with interest @ 1% pm .

Thanks,

Suri

Ankit (account) (89 Points)
Replied 03 July 2015

I guess.expenses would be disallowed on which tds was not deducted and penalty would be charged equal to TDS not deducted.no interest as interest is charged on late deduction not for non deduction.