Tds on advance not deducted

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2015 while making advance payment to a party i have not deducted TDS on advance payment for financial year 2014-15 then what will be the consequences for not deduction of TDS while as per income tax

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2015 You will have to pay interest on late deduction of TDS @ 1% per calendar month from the month in which TDS was required to be deducted till the month in which the TDS was actually deducted.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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07 June 2015 Interest will b charged dear......

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Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2015 but sir
i want about under section if till due date not tax paid on such amount.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 June 2015 Refer Section 201(1A) of the Income Tax ACt 1961.

Link:

http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000041713&k=&IsDlg=0