TDS deducted but not paid

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ramesh vadnala (Querist)
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11 September 2008 During the last we have deducted tds from a party and not paid to the dept.by mistake.We have already filled tds returns for other amounts what we have deducted other than one party. Now the party asking for TDs Certificate.

Please suggest me solution

CMA Jitendra Singh

CMA Jitendra Singh (Expert)
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11 September 2008 Deposit the same with interest

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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11 September 2008 deposit the same immediately. Non deposit of TDS after deduction can result in procecution proceedings. Then file the revised return and issue the TDS certificate to the party.

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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11 September 2008 CONSEQUENCES OF DEFAULT IN TDS:

Disallowance of Expenditure (U/S 40a (I) and (ia)

Assessee in default (U/S 201(1)

Charging of Interest U/S 201(1A) @ 12% p.a.

Penalty U/S 271C (Equal to the amount of tax not deducted or not paid)

Prosecution U/S 276B(Imprisonment not < 3 months, may extend to 7 years and fine)

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