10 Consequences of Non compliance with TDS provisions
Non compliance with TDS provisions can result in :
1. Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act).
2. Raising of demand u/s. 201(1) of the Act.
3. Charging of Interest u/s. 201(1A) of the Act.
4. Levying penalty u/s. 271C of the Act upto the amount of tax in default –
5. Levying of penalty u/s. 221 of the Act for non payment of demand raised.
6. Prosecution u/s.276B of the Act involving rigorous imprisonment upto 7 years with fine.
7. Penalty u/s. 271BB of the Act for failure to apply for TAN or non-quoting thereof.
8. Penalty u/s. 272A (2)(k) of the Act for non filing of TDS returns.
9. Fee U/s 234E for late filing of TDS Statement:
10. Penalty u/s. 271H for late filing or non- filing TDS statement
Non compliance with TDS provisions can result in :
1. Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act).
2. Raising of demand u/s. 201(1) of the Act.
3. Charging of Interest u/s. 201(1A) of the Act.
4. Levying penalty u/s. 271C of the Act upto the amount of tax in default –
5. Levying of penalty u/s. 221 of the Act for non payment of demand raised.
6. Prosecution u/s.276B of the Act involving rigorous imprisonment upto 7 years with fine.
7. Penalty u/s. 271BB of the Act for failure to apply for TAN or non-quoting thereof.
8. Penalty u/s. 272A (2)(k) of the Act for non filing of TDS returns.
9. Fee U/s 234E for late filing of TDS Statement:
10. Penalty u/s. 271H for late filing or non- filing TDS statement
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