03 February 2012
IF ONE PERSON PAY ABOVE 20000 TO ANOTHER PERSON WITHOUT CUT TDS , AND ANOTHER PERSON NO OBJECT TAKEN ON THIS MATTER AND HE NOT FILE RETURN . ON THIS MATTER ANY ACTION TAKEN ON ME OR ANOTHER PERSON ?
03 February 2012
Should i understand the query that on whom is the liability cast of deduction of TDS..
reply is that it is the responsibility of the payer of the amount to the payee shall deduct and remit the TDS to Income tax credit. The consequences are disallowance of expenses under sec 40 (a)(ia), penalty and interest for no deduction may also apply.
CAclubindia
