TDS

TDS / TCS 1275 views 6 replies

Hai,

 

Can any one provide me the details for TDS regarding penalty for non payment of TDS and also for not deduction of TDS at the time of payment for a company.

Replies (6)

If a person fails to deduct TDS and/or deposit TDS , shall be liable to pay penlty a sum equal to the amount which he failed to deduct u/s 271C. He shall be liable to pay simple interest at 12% p.a. on amount of tax liable to be deducted.

Mr. Mihir is right, but now rate of interest 18% if late deposited

If any person fails to deduct TDS and / or deposit TDS within due date, shall be liable to pay penlty/Interest.

Penalty is a sum equal to the amount which he failed to deduct u/s 271C. and also

He shall be liable to pay simple interest at 12% p.a.(1% p.m) on amount of tax liable to be deducted.

- Ashok

IF FAIL TO DEDUCT TDS FOR DELAY PAY INT 1% P.M FOR LATE DEPOSIT PAY INT 1.5 % PER MONTH

if a person fails to deduct TDS and/or deposit TDS , shall be liable to pay penlty a sum equal to the amount which he failed to deduct u/s 271C. He shall be liable to pay simple interest at 18% p.a. on amount of tax liable to be deducted.

 

As per section 201(1A), if any principal officer or company doesn't deduct tds the whole or any part of tax or after deducting fails to pay the tax as required by or under this act ,will be liable to pay simple interest

1) @ 1% for every month or part of 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

2) @ -1.5% for every month or part of month on the amount of such tax from the date on which such tax was deducted to the date on which is actually paid and such interest shall be paid before furnishing TDS statements.



CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details