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Non deduction of tds by pvt ltd company

Priyanka (Article) (60 Points)

17 April 2016

suppose if a pvt Ltd co does not deposits TDS and also do not file TDS return then it is liable for interest and penalty under sec 234E and 271H.Is there any way provision where in if the party whose TDS was to be deducted has filed its ITR including such income,then can pvt Ltd co escape from above liability?

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shravan (student) (21 Points)
Replied 17 April 2016

No the company is liable to pay TDS along with interest and penalty for late filing of

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Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 17 April 2016

Yes the provision of sec 201 says if the person receiving the money has included in total income and declaration in given then assesse will not be treated as asseasse in default and no interest and penalty applicable. But whether the same is applicable for disallowance u/s 40a @ 30% i am not sure.

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