Is there any penalty imposed under the provisions of the act for non payment of TDS deducted.
5 Replies
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 12 August 2010
tds should be deposited upto the 7th of the following month & if it is deposited late then interest will be charged on tds amt. & rate of interest is 1% p.m. or part of month
eg: tds is deducted on 18th aug 2010 then the last date for deposit is 7th sep. 2010 & depositing tds amt. after this date interest will be charged @ 1% p.m. or part of month
Sumit Agarwal
(Inventory/ Cost Manager)
(26 Points)
Replied 13 August 2010
There is not penalty provision on non payment. you will have to pay only interest liability @ 1% p.m. and if your TDS Return is late due to this, there is a provision of penalty by 100/- per day u/s 272A(2).
CMA. Subhash Kumar Jha
(General Manager - Finance)
(8396 Points)
Replied 13 August 2010
Apart from the interest, we are talking about, penalty under section 221 may be levied for failure to deduct / deposit TDS in time & the amount of penalty may be upto the sum of TDS involved.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 13 August 2010
DEAR ALL,
FIRST OF ALL, INTEREST WOULD BE LEVIED @ 1% P.M. OR PART THEREOF.
SECONDLY, INCOME TAX DEPT WOULD LEVY PENLTY UNDER SEC 221(1) OF THE INCOME TAX ACT, 1961 WHICH WOULD BE MAXIMUM TO THE AMOUNT OF TDS NOT PAID...
REGARDS,
MANOJ
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