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Tds and interest payment
If a company for salaried employee hasn't deducted TDS during the payment of salary, his/her tax liability is more than 150K INR, would there be any interest/penalty for employee while submitting tax return?
Replies (2)
there will be no interest or penalty on employee for employer's failure to deduct TDS on employee's salary. But employer while filing of return has to pay the tax along with applicable interest u/s 234B and 234C for shortfall in payment of advance tax
The employer will be liable to interest u/s 220 (1% p.m) and penalty u/s 221 (not exceeding TDS amount).[as per sec 201(1)]
The employee has no tax liability since failure to deduct TDS is a default by employer.
The employee has no tax liability since failure to deduct TDS is a default by employer.
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