REGARDING TCS ON SALES AND TDS ON PURCHASE
This query is : Resolved
28 August 2022
DEAR SIR / MADAM
IF TCS ON SALES NOT MADE WHAT IS THE PENALTY OF TCS ON SALES
IF TDS ON PURCHASE NOT MADE WHAT IS THE PENALTY OF TDS ON PURCHASE IN INCOME TAX
PLEASE SUGGEST SIR
IF TCS ON SALES NOT MADE WHAT IS THE PENALTY OF TCS ON SALES
IF TDS ON PURCHASE NOT MADE WHAT IS THE PENALTY OF TDS ON PURCHASE IN INCOME TAX
PLEASE SUGGEST SIR
28 August 2022
The section 271CA applies to the person who has failed to collect the tax at source (i.e. TCS). the defaulter is liable to pay the penalty under section 271CA to the extent of a sum equal to an amount of tax not collected.
Similarly, Section 201(1) of Income Tax Act expressly states that any person liable to deduct TDS on the income distributed, makes default in the deduction and/or payment of TDS, shall be treated “assessee in default” and penalty U/s 221 of Income Tax Act shall be payable by such assessee.
Similarly, Section 201(1) of Income Tax Act expressly states that any person liable to deduct TDS on the income distributed, makes default in the deduction and/or payment of TDS, shall be treated “assessee in default” and penalty U/s 221 of Income Tax Act shall be payable by such assessee.
29 August 2022
You are Welcome ...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Treatment of Pension ?annuity returns on PMVY
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- REGARDING GST LIABILITY/....
- Last year TDS Claim
- Long Term Service award taxability in hands of company
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
