TDS

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chidananda (Querist)
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26 October 2009 Sir What is the penalty for non compiance of tds by the assessee who's income totally exempt under deduction chapter Vi-A OF income tax act? is it arrtacts disallowance provision of section 40(ia)?

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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26 October 2009 Yes it attracts disallowance u/sec 40A(iA) and penalties , read Sec 201

http://law.incometaxindia.gov.in/Directtaxlaws/act2005/sec_201.htm

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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26 October 2009 Income exempt after deduction under Chapter VI A is in no way relieve you from tax deductorâ€™s liability as TDS is on your payments which is income on the hands of the recipients.

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