Dividend Distribution Tax

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This query is : Resolved

CA CS CIMA Prakash Somani (Querist)

11 April 2008 Dear,
I had not paid DDT which was due in Feb though i paid it in April... So whts th implications regarding Interest or Penalty...

R.V.RAO

R.V.RAO (Expert)

11 April 2008 SEC 115 O PROVIDES FOR PAYMENT OF DDT WITHIN 14 DAYS FROM DECLARATION OR DISTRIBUTION OR PAYMENT WHICH EVER IS EARLIEST

SEC115 P PROVIDED RATE FOR FOR LATE PAYMENT @1% INTERST FOR A MONTH OR PART THERE OF TILL IT IS PAID.

SEC115 Q BRANDS THE PRINCIPAL OFFICER
AND OF SUCH DOMESTIC COMPANY AS ASSESSEES IN DEFAULT.

THE OTHER PENAL PROVISIONS IN RELATUION TO SEC 115 O ARE AS FOLLOWS.

Penalty for failure to deduct tax at source.

271C. 19[(1) If any person fails to

(a) deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B; or

(b) pay the whole or any part of the tax as required by or under

(i) sub-section (2) of section 115-O; or

(ii) the second proviso to section 194B,

then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid.]

20[(2) Any penalty imposable under sub-section (1) shall be imposed by the 21[Joint] Commissioner

Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B.

276B. If a person fails to pay to the credit of the Central Government,

(a) the tax deducted at source by him as required by or under the provisions of Chapter XVII-B; or

(b) the tax payable by him, as required by or under

(i) sub-section (2) of section 115-O; or

(ii) the second proviso to section 194B,

he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.]
R.V.RAO

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CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Querist)

13 April 2008 Thanks

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