02 May 2013
if i file tds return for the 4th quarter there is any liability or claim arise or not? if answer is not then why we are making compulsory for our client to file return of tds before 15 may?
02 May 2013
Miss Purvi why we are making compulsory for our client to file TDS statement in time is because we need to comply with the provisions of Law
Also if the TDS statement are not filed in time the Parties whom TDS are deducted by us will not get the credit in time
Now Comes about the Liability & Claim
for that I should tell you there are Penalies & Prosecution procedure for that also with Interest if not paid in time
Penalty - Rs.100/- per Day of Delay
Interest u/s. 201(1A) • @1% till Dt of Deduction •@1.5% till Dt of deposit
• Prosecution u/s. 276B •Rigrous Imprisonment :3 months to 7years
02 May 2013
Prosecution means case & hearings will be done in which it will be asked to the client that show cause that why you should not be penalized & punished
after Prosecution the person is sent to jail which is minimum 3 Months
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