21 December 2011
there is a company XYZ Ltd.who has defaulted in the payment of tax deducted at source.The duration of default is more than 12 months and the amount is also large.Is there any way to avoid prosecution??? Or Whether compounding of offence is possible???
22 December 2011
No way out. Just go ahead and pay pay the TDS along with the interest on late deposit of TDS @1.5% per month. Penalty u/s 221 may also be imposed on you for late deposit of TDS subject to maximum amount of TDS involved.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 December 2011
thanks for the prompt reply.the company has already paid the TDS..but a notice under S.276B has been issued.thus, prosecution is the main concern.is there any way out of prosecution??
23 December 2011
Reply the notice by giving some reasonable cause for the delay like paucity of fund or loss in some business or accountant left the job.
CAclubindia
