Anurag Kumar (Service) (62 Points)
24 July 2009I have noticed that the TDS for the March salary of employee is credited with treasury by the employer in month of April. Similarly the TDS (10%) for the accrued interest on FD's is also credited in treasury by the concerned bank in Apr-MAy only (though debited from my account on 31 Mar only).
Kindly let me know if I'm liable for penalty under sec 234B & 234C on delay in deposit of tax beyond 31Mar.
CA DHEERAJ AGRAWAL
(ASSOCIATE MANAGER)
(31 Points)
Replied 24 July 2009
Dear Anurag,
First of All , in the TDS provision, it is the liability of the employer/Deductor to Deduct and deposit the TDS within the time limit as prescribed in Income Tax act. Hence employee/deductee is not liable for late deposition.
However, if you have Income otherthan income on which TDS has already been deducted deposited, this is your liability to pay the self assesment tax upto 31 march of the F Y.
Hope you would find easy with this.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
