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TDS LIABILITIES

18 June 2020

I have not deducted Tds from 01.04.2019 till 31.03.2020...ai am a manufacturing company..I was supposed to deduct TDS under 194 c ...What will be my liabilities for non payment (apart from actual deposit of TDS amount)...like interest, penalty etc..

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2 Replies

CA Shrey Tripathi (Proprietor at S I Tripathi & Co.) (154 Points)
Replied 18 June 2020

If TDS not deducted & not paid, disallowance @ 30% of expenses required..

if you deduct tds now, then you should pay with interest & file tds return with late fees..

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RAJA P M ("Do the Right Thing...!!!") (128018 Points)
Replied 18 June 2020

@ Mr Harshit Acharya.,

If You are not deduct (not deduc) then it will be disallowed under income tax...

If You will deduct now and pay then No need interest and penalties if You paid on or before due date and return also...

In case You deduct and not paid then You must be pay interest and penalties.