TDS
This query is : Resolved
Ekta Sharma
(Querist)
02 September 2009
Is there any failure on part of the employer,if he has not deducted TDS on the salary amount payable to a director not paid to him as yet? If so what will be the consequences?
chetan soni
(Expert)
02 September 2009
Yes it is failure on the part of employer to deduct the applicable tds. U/s 192 it is duty of employer to deduct & pay the tds to the govt.
Failure to do so will attract following:
01. The same salary expenses will not be allowed as expenses in computation of taxable income & needs to pay higher income tax.
02. Interest needs to be paid on the delayed days
03. Penalty equal to amount of tax deductiable u/s 271C.
Failure to do so will attract following:
01. The same salary expenses will not be allowed as expenses in computation of taxable income & needs to pay higher income tax.
02. Interest needs to be paid on the delayed days
03. Penalty equal to amount of tax deductiable u/s 271C.
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