What is the consequence when Company Assessee has not deducted TDS from salary of its Director when the salary exceeds the amount which is not chargeable to tax.
2 Replies
CA. Vikas Sharma
(Chartered Acountant)
(93 Points)
Replied 27 June 2009
AS PER SECTION 271C OF THE INCOME TAX ACT, 1962 : IF AN ASSESSEE DOES NOT DEDUCT TDS OR DEDUCTED BUT NOT DEPOSITED TO THE GOVT. , HE WILL BE LIABLE TO PAY PANELT EQUAL TO AMOUNT OF TDS NOT DEDUCTED OR DEPOSITED TO THE GOVT. ........
M.M.SURANA
(Director -Taxation )
(532 Points)
Replied 27 June 2009
Agree with Mr. Vikash sharma - amount of tax which person has failed to deduct..
surana, Chennai
9952967237
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