Tds

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namit (Querist)

08 October 2013 Pls tell me what penalty would be imposed actually when required Tds has been deducted but payment was not made with the time limit provided so Pls tell me in full

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@VaibhavJ

@VaibhavJ (Expert)

08 October 2013 Hi

Section 271C.

If any person fails to deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid.This penalty is imposable by Joint Commissioner.

@VaibhavJ

@VaibhavJ (Expert)

08 October 2013 Section 276B.

Prosecution for failure to deduct /deposit tax at source

If any person fails to deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B then, such person he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.This penalty is imposed by Joint Commissioner.

Thanks//VaibhavJ

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