Regarding tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2014 WHAT ACTION NEED TO BE TAKEN AGAINST PERSON WHO IS RESPONSIBLE FOR DEDUCTION OF TAX IF HE DEDUCT TAX FROM SALARY BUT NOT DEPOSITED
TO NSDL AND NOT FILE TDS RETURN(PLEASE SPECIFY SECTION)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

15 December 2014 Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted:
1. If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall be liable to action in accordance with the provisions of section 201 and shall be deemed to be an assessee-in-default in respect of such tax and liable for penal action u/s 221 of the Act. Further Section 201(1A) lays down that such person shall be liable to pay simple interest
(i) at 1% for every month or part of the month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
(ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.
Such interest, if chargeable, is mandatory in nature and has to be paid before furnishing of quarterly statement of TDS for respective quarter.
2. Section 271C inter alia lays down that if any person fails to deduct whole or any part of tax at source or fails to pay the whole or part of tax under second proviso to section 194B, he shall be liable to pay, by way of penalty, a sum equal to the amount of tax not deducted or paid by him.
3. Further, section 276B lays down that if a person fails to pay to the credit of the Central Government within the prescribed time, as above, the tax deducted at source by him, he shall be punishable with rigorous imprisonment for a term which shall be between 3 months and 7 years, along with fine.

Rupesh Jain

Rupesh Jain (Expert)
Follow

15 December 2014 you have to pay the tax with intt 1.5% per month for non depositing the tax/. and tds return default rs.200/- per day penalty also to be pay.
further you have to face the imprisonment if your default continue.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

15 December 2014 agreed with seetharam's view.................

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHYAM SUNDER GULATI

Shubham Jain

Aakash Kumar

Tia Blair

yadagiri

Subscribe Now

Regarding tds

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Accountant

GST CONSULTANCY

GST CONSULTANT

CA Final

Article Assistant