interest on delayed payment

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Prachi (Querist)
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05 June 2011 Hello Experts,

Suppose if TDS on salaries deducted by employer results in short deduction as the employee would have given assurance that they will invest the as proposed but do not invest. in such cases what will be the solution as it results in short deduction in Form 16.

Pl suggest.

Tks and rgds,
Prachi

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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05 June 2011 1. THE DEDUCTOR WILL HAVE TO PAY INTEREST UNDER SECTION 201 AND PENALTY UNDER SECTION 271C

CA MANOJ GUPTA
JODHPUR
09828510543

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Prachi

Prachi (Querist)
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05 June 2011 Thanks for the reply.
Is it also possible for the deductor to pay the amount and recover the same from employee.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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06 June 2011 The deductor is supposed to take proof of investment from employee before March 31. if he fails to do that without considering actual investment of employee for 80C he will be liable for interest and penalty

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