TDS
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2011
Is it legal to deduct all the Tax and paid in the last Quarter instead of paying in each quarter.Is there any penalty for non deduction in first 3 quarters and depositing all the tax in last quarter.
13 July 2011
It can not be said that you are doing an illegal work by not deducting tax. It can however be said that you are not doing the legal compliance. By Non deducting TDS at the time of payment or credit, whichever is earlier, you are just not complying with the provisions of the act.
For non deduction and non payment, or for the delay, Interest @ 18% is charged.
If you at all not comply, provisions of disallowance of expenditure and penalty are there in the act.
It is better to comply at any point of time then non-compliance.
For non deduction and non payment, or for the delay, Interest @ 18% is charged.
If you at all not comply, provisions of disallowance of expenditure and penalty are there in the act.
It is better to comply at any point of time then non-compliance.
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