06 July 2007
if tds is not deposited as per dates specified in sec200(1) the amount on which tds has been deducted will be disallowed u/s 40(a)(ia) & will be allowed in the financial yaear in which it will be deposited.
06 July 2007
Interest for delay in depositing the TDS and also Penalty is leviable. The severe most consequence is disallowance u/s 40(a)(ia) which Mr. Jitender has mentioned. In addition penalty for delayed submission of TDS return as well as dealy in issuance of TDS certificate is also attracted.