Tds penalty

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Anjani Kumar (Querist)
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17 September 2012 Hi Everyone
Please let me know AO/Any IT Authority have any power to make penalty of 5% on Total TDS, If TDS payment was delayed ( Company is in Cash Loss) Please rely

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 September 2012 Yes TDS AO has power to levy penalty u/s 221.

Maximum penalty (100% of TDS Amount).

Anjani Kumar

Anjani Kumar (Querist)
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18 September 2012 Thank You Mr. Sanjay, Is there any way to escape this penalty (Because Company is in Losses)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 September 2012 No way. Just write a letter to TDS AO requesting him for waiver of the penalty and also mentioning the reasons for delay in payment. This seems to be only way and it is at the discretion of the TDS AO.

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