01 October 2012
Dear Sir, In case of an individual assessee whose case is liable to audit. Payment to a sub-contractor is Rs. 1 lac and thereon said assessee did not deduct tds. Now please advise me if the case comes in scrutiny, then department will impose penalty equal to tds amount ie Rs. 1000/- or the whole payment would be disallowed as business expenditure.
CAclubindia
