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Interest for non deduction wct tds ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2013 what is the interest and penalty for NON DEDUCTION of wct tds ?
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
07 December 2013 This offence is to be dealt under Sec 72 of KVAT Act,in Karnataka,which imposes 10% penalty and interest @ 2%/pm.Generally it is not taken seriously like in the case of tax payers.Even if it is delayed,do the tds and pay to the govt immediately. In other states the penalty and interest may vary.....mjk
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
07 December 2013 This offence is to be dealt under Sec 72 of KVAT Act,in Karnataka,which imposes 10% penalty and interest @ 2%/pm.Generally it is not taken seriously like in the case of tax payers.Even if it is delayed,do the tds and pay to the govt immediately. In other states the penalty and interest may vary.....mjk
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 December 2013 Thank you so much sir , but i want this under MVAT provision.
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
08 December 2013 In MVAT Act also similar provisions are available. See sections 31,29 etc.Here the interest rate is less i.e. 1.5%/pm....mjk
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