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TDS & PF

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(Querist)
21 April 2009 If we dont pay TDS deducted from employee's salary to the govrnment before 30th april what is the consquences ? same way for PF
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Brij Bhushan Sangal

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Brij Bhushan Sangal (Expert)
21 April 2009 Mr. Raghavendra,

TDS is to be deposit 7th of next month and PF is 20th. if you not deposit the same to government after deduct TDS , your related exp. means salary will diallowed and interest + panalty will be in addition. In case PF, your contribution claim will disallow and panalty from PF law with income tax act will imposed.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 April 2009 Employee's contribution to PF,if not remitted, will be treated as the income of the employer u/s 2(24)(x) of The income tax Act,1961.
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