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.
CA PRAMESH AGARWAL (Profession) (152 Points)
27 June 2009What 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.
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
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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