Hai,
Can any one provide me the details for TDS regarding penalty for non payment of TDS and also for not deduction of TDS at the time of payment for a company.
Mihir
(Wealth Manager)
(5293 Points)
Replied 17 August 2011
If a person fails to deduct TDS and/or deposit TDS , shall be liable to pay penlty a sum equal to the amount which he failed to deduct u/s 271C. He shall be liable to pay simple interest at 12% p.a. on amount of tax liable to be deducted.
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 17 August 2011
Mr. Mihir is right, but now rate of interest 18% if late deposited
Ashok kumar
(CA Final)
(587 Points)
Replied 17 August 2011
If any person fails to deduct TDS and / or deposit TDS within due date, shall be liable to pay penlty/Interest.
Penalty is a sum equal to the amount which he failed to deduct u/s 271C. and also
He shall be liable to pay simple interest at 12% p.a.(1% p.m) on amount of tax liable to be deducted.
- Ashok
valji
(Accounts manager-MBA)
(2150 Points)
Replied 17 August 2011
IF FAIL TO DEDUCT TDS FOR DELAY PAY INT 1% P.M FOR LATE DEPOSIT PAY INT 1.5 % PER MONTH
Maneesh Kumar
(B.Com M.Com STUDENT CWA IPCC)
(507 Points)
Replied 17 August 2011
if a person fails to deduct TDS and/or deposit TDS , shall be liable to pay penlty a sum equal to the amount which he failed to deduct u/s 271C. He shall be liable to pay simple interest at 18% p.a. on amount of tax liable to be deducted.
As per section 201(1A), if any principal officer or company doesn't deduct tds the whole or any part of tax or after deducting fails to pay the tax as required by or under this act ,will be liable to pay simple interest
1) @ 1% for every month or part of month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted .
and
2) @ -1.5% for every month or part of month on the amount of such tax from the date on which such tax was deducted to the date on which is actually paid and such interest shall be paid before furnishing TDS statements.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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