Tds u/s 194j

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Querist : Anonymous (Querist)

17 September 2012 what are the interest and penalty are leviable if tds is not deducted under 194 j?

Ahamed

Ahamed (Expert)
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17 September 2012 Sec 201(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,— (i) at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and (ii) at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 September 2012 Interest:

On late deduction 1% p.m.

On late deposit 1.5% p.m.

Penalty:

U/s 221 for late deposit subject to maximum penalty i.e., 100% of TDS amount after giving an opportunity of hearing.

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