TCS non compliance
k.lal.ca1983@gmail.com (5 Points)
31 October 2020
what is effect if doesn't collect tcs on sale of scrap in it return
1 Replies
Sanjiv Rajpoot
(3430 Points)
Replied 01 November 2020
A) Levy of interest: If the person responsible for collecting tax at source does not collect it or after collecting fails to pay it to the Government, he shall be liable to pay simple interest at the rate of 1% per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid and such interest shall be paid before furnishing the quarterly statement for each quarter.
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