TDS
This query is : Resolved
02 June 2010
Dear members,
One of our clients has deducted TDS but not remitted to Government an amount of Rs.21, 00,000/- in FY 2006-07 from their contractor (civil works at power project). Thereafter that contactor was absconded bcz of that reason as well as finance inability, our client not remitted such amount. Now our client wants to remove such amount from Balance sheet which showing as current liability. Can that company remit without interest and penalty? If that company not pays any amount (including TDS), what are the consequences? Is there any remedy? Kindly note Sections/Provisions of Income tax act 1961.
Kindly do the needful to me.
One of our clients has deducted TDS but not remitted to Government an amount of Rs.21, 00,000/- in FY 2006-07 from their contractor (civil works at power project). Thereafter that contactor was absconded bcz of that reason as well as finance inability, our client not remitted such amount. Now our client wants to remove such amount from Balance sheet which showing as current liability. Can that company remit without interest and penalty? If that company not pays any amount (including TDS), what are the consequences? Is there any remedy? Kindly note Sections/Provisions of Income tax act 1961.
Kindly do the needful to me.
04 June 2010
Non payment of TDS will attract Interest, penalty and up to prosecution U/s.201(1)
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