T d s
This query is : Resolved
viswajit06
(Querist)
20 September 2013
penal provision for failure to deduct and pay TDS u/s 194c
Ajay Mishra
(Expert)
20 September 2013
You will pay Interest @ 1% pm.
Go to the following link:
https://www.incometaxindiapr.gov.in/incometaxindiacr/contents/CBDTFiles/Instructions/CBDTLaws/HTMLFiles/chp17_49.htm
You will pay Interest @ 1% pm.
Go to the following link:
https://www.incometaxindiapr.gov.in/incometaxindiacr/contents/CBDTFiles/Instructions/CBDTLaws/HTMLFiles/chp17_49.htm
Ganeshbabu K
(Expert)
20 September 2013
expenditure will be disallowed in computing total taxable income
20 September 2013
Interest charge U/S 201(A):
Under this the person responsible for non deduction of TDS is treated as “assessee in default”. Under this section the responsible person is liable for paying simple interest at the rate of 1 per cent for the whole tenure when TDS was not deducted.
This interest should be submitted before the submission of the quarterly statement in each quarter. There is no way or provision under which this interest amount can be waived.
It is mandatory and that the responsible person has to deposit the same as penalty.
Rule 119 A is used for Interest is calculation process. Following rules are used for calculation of interest to be paid by the person who failed to deduct TDS.
1. Interest will be calculated for the full month irrespective of the fact that whether it has to be calculated for every month or for only part of the month.
2. The taxable amount with reference to which interest is calculated will always be rounded off to nearest multiple of 100. Any further fractions will be ignored.
Good Day :)
Under this the person responsible for non deduction of TDS is treated as “assessee in default”. Under this section the responsible person is liable for paying simple interest at the rate of 1 per cent for the whole tenure when TDS was not deducted.
This interest should be submitted before the submission of the quarterly statement in each quarter. There is no way or provision under which this interest amount can be waived.
It is mandatory and that the responsible person has to deposit the same as penalty.
Rule 119 A is used for Interest is calculation process. Following rules are used for calculation of interest to be paid by the person who failed to deduct TDS.
1. Interest will be calculated for the full month irrespective of the fact that whether it has to be calculated for every month or for only part of the month.
2. The taxable amount with reference to which interest is calculated will always be rounded off to nearest multiple of 100. Any further fractions will be ignored.
Good Day :)
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
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Query on effect of registration of property
- Whether output tax is taken credit by purchaser
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
