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urgent- pls reply soon

meenakshi (Audit Manager) (81 Points)

29 May 2007

hai!

can any body tell me the amount of penalty or interest a private limited company has to pay if it has not deducted and paid TDS for any of the quarters and the company is going to pay TDS for the entire year now only?

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Raj Kr.Goyal (CA) (58 Points)
Replied 29 May 2007

hai, if any person liable to deduct tax at source or fail to deposit the tds he shall be liable to pay simple int. @ 12%p.a.from the date on which the tax was deductible to date of actual payment.(Sec.201) along with penalty provision if failure to deduct the whole or any part of Tds - 100% of tds amount not so deducted ( 271C(1)and failure to furnish the return /statement -Rs.100/- per day during which the default continues, but not excedding the amount of TDS( u/s. 272A(2)(c) and Failure to Deposit TDS in the govt. Treasury -Rigorous imprisonment with fine.(u/s.276B ) Thanks Raj