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What is penalty for tds is not deduct ?

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(Querist)
06 August 2012 Dear Experts

please i want info about

What is Penalty for TDS is not deduct.
to party (for 194 C)

pls give me suggetion
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 August 2012 Penalty is leviable U/s 271C equivalent to the amount of TDS not deducted. Moreever, the expense is likely to be disallowed as per Section 40(ia) which may result into additional tax liability.
.
Suggestion:

Deduct TDS and deposit the TDS amount with interest.
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CA PRAVEEN SINGH

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CA PRAVEEN SINGH (Expert)
21 August 2012 YES AGREE WITH ABOVE EXPERT...

IF TDS DEDUCTED & NOT DEPOSIT TIMELY..
IT IS TO BE DEPOSITED WITH INTEREST...1.5% PER MONTH.




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