Dividend Distribution Tax
This query is : Resolved
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...
I had not paid DDT which was due in Feb though i paid it in April... So whts th implications regarding Interest or Penalty...
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
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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13 April 2008
Thanks
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