If a peron has not deposited TDS after it is deducted is their any penality other than interest...If yes in which section ..
2 Replies
Santosh Mishra
(AM)
(1135 Points)
Replied 05 March 2013
Section 271C lays down that if any person fails to deduct whole or any part of tax at source or fails to pay the whole or part of tax deducted, he shall be liable to pay, by way of penalty, a sum equal to the amount of tax not deducted or paid by him.
Further, section 276B lays down that if a person fails to pay to the credit of the Central Government within the prescribed time, as above, the tax deducted at source by him, he shall be punishable with rigorous imprisonment for a term which shall be between 3 months and 7 years, along fine.
sans9x CA,CMA,CS
(general manager )
(46 Points)
Replied 05 March 2013
In case of failure to deposit the tax amount deducted apart from 201(1A), ...201(1),201(2),276B of the IT act will get attracted.
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