08 April 2009
Sir, In case we have not paid TDS for FY 2008 - 09 but deducted from party, wanted to pay the tax and issue the certificate to them and book the expenses in the FY 2008 - 09. Kindly suggest me what We have to pay
08 April 2009
if a person after deducting TDS fails to deposit the same, then: (a) The person repsonsible for deduction is treated as 'assessee in default' (b) penalty a sum equl to the amount which he failed to deposit (SEC. 271C) (c) simple interest @ 12% p.a. till the date of actual deposit in Govt. treasury. (d) Rigorous punishment for a term which shall not be less then three months by may extned up to seven years and fine.( sec. 276B)
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