Penalty on short deduction of TDS U/s 194IC

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PROP.
35 Points Posted on 04 May 2020
One person has deposited TDS @ 1% u/s 194IA on the payment of cash for Joint development agreement.

He has to deposited TDS @ 10% u/s 194IC for the consideration under joint development.

Plz suggest what penalty/interest may be imposed on assessee
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On 04 May 2020 at 16:36 Report
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Quick Summary
A query has been raised regarding a penalty for incorrectly deducting TDS at 1% under Section 194IA instead of the required 10% under Section 194IC for a Joint Development Agreement. The discussion explores the potential interest and penalties applicable to the assessee. It also touches upon the consequences if the remaining TDS and interest are not paid voluntarily.

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You may ask the assessee in default to file TDS Rectification Return and pay the Tax amount along with interest to resolve the issue.
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On 04 May 2020 at 19:03
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PROP.
35 Points Posted on 05 May 2020
If the assesse not pay the remaining tds and interest on ghis suo moto then wgat are fhe consequenses of this
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On 05 May 2020 at 11:57

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