Tds
This query is : Resolved
24 September 2009
hi all please can anyone guide me regarding tds i.e if one fails to deduct tds what are the consequence of that, is there any penalty levielbe on deductor ?
24 September 2009
Penalty u/s 271C attracts. Penalty leviable is equal to the tax that should have been deducted.
24 September 2009
agree
25 September 2009
Thanks chackrapani, there is only one penalty not any other consequence ?
25 September 2009
Interest @ 1% shall also be payable. This is in addition to the penalty.
29 September 2009
Following are the consequences if one fails to deduct tds
1) the person who is resposible to deduct tds if he fails he will be treated as "assessee in default"
2)he shall be liable to pay by way of penlty a sum equal to the amount which failed to deduct
3)he shall be liable to pay interest at 1% per month on the amount what he should have been deduct
4) Rigourus punishment of term 3 month which can be extended to 7 years
1) the person who is resposible to deduct tds if he fails he will be treated as "assessee in default"
2)he shall be liable to pay by way of penlty a sum equal to the amount which failed to deduct
3)he shall be liable to pay interest at 1% per month on the amount what he should have been deduct
4) Rigourus punishment of term 3 month which can be extended to 7 years
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