Non Payment of TDS

This query is : Open

Rajesh Shashikant Pujari (Querist)
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30 July 2009 Dear Sir,

I am working with event management co. but to financial crisis, we have not paid any tds amount of vendors, professional,

is it any provision wheather we have to pay this amount in next f.y.

or
what r the effects of non payment of this tds amount

Shyam Lal Naik

Shyam Lal Naik (Expert)
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30 July 2009 There are 4 fold Consequences as per IT Act:
1. Liable to penalty
2. Liable to Interest
3. Treated as assessee in default and tax recovered.
4. Dis-allowance of expenditure