kindly help...
what options does one have if one has not deposited tds deducted during 2007-08.
can one deposit the amount of tds now including the interest amount.
what penalties can the department put on such defaults.
anand (BUSINESS) (136 Points)
07 February 2011kindly help...
what options does one have if one has not deposited tds deducted during 2007-08.
can one deposit the amount of tds now including the interest amount.
what penalties can the department put on such defaults.
Hitesh Agarwal
(Chartered Accountant)
(80 Points)
Replied 08 February 2011
Consequences of failure to deduct tax at source or furnish returns in time
1. Assessee in default (Section 191)
Assessee shall be considered as assessee in default if the person responsible for deduction of tax in he has not deducted tds or not paid tds so deducted
2. Interest
Interest at 1% for every month or part of a month from the date on which tax was deductible to date on which such tax is actually paid.
3. Penalty
Various penalties will be levied u/s 271c, 272A(2), 220
4. Prosecution
section 276B: failure to pay tds punishable with rigorous imprisonment for min: 3 months, max : 7 years
5. Expenditure is disallowed
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