Tds on advance not deducted

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2015 while making advance payment to a party i have not deducted TDS on advance payment for financial year 2014-15 then what will be the consequences for not deduction of TDS while as per income tax

07 June 2015 You will have to pay interest on late deduction of TDS @ 1% per calendar month from the month in which TDS was required to be deducted till the month in which the TDS was actually deducted.

07 June 2015 Interest will b charged dear......

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 June 2015 but sir
i want about under section if till due date not tax paid on such amount.

08 June 2015 Refer Section 201(1A) of the Income Tax ACt 1961.

Link:

http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000041713&k=&IsDlg=0


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