TMI BlogMy Company deductied TDS but not paying to Govt.X X X X Extracts X X X X X X X X Extracts X X X X ..... Hi, My company Deducted Income tax every month as part of payroll process. But the same is not paying to the Govt. What action we can take. - Reply By Pradeep Khatri - The Reply = If this is happening then your company would have to face panel action and in result your company would have to pay the TDS amount alongwith Interest and penalty. Just bring these consequences to the knowledge of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... your company. - Reply By RAM BANSAL - The Reply = Deat Pulleta , a) u/s 201 the comapny and its principal officer , where the tax has been deducted at source and has not deposited the ampount of tax along with interest thereon as per sub section 1A shall be charge upon all the assets of the person or the comapny as the case may . b) u/s 201 (1) the person who fails to pay the tax de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ducted as required under the IT Act shall , without prejudice to any other consequence which may incur , be deemed to be in defult . c) u/s 276 B If a person fails to pay to the credit of the Central Government the tax deducted at source by him as required by or under the provisions of Chapter XVIIB he shall be punishable with regorous imprsisonment for a term which shall not be less t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... han three months but which may extneded up to seven years and with fine . d) Besides the above the assessee who has not deposited the tax deducted at source is laibel to penalty u/s 271C . Hence the company should deposit the TDS along with interest immedately . CA R S BANSAL - My Company deductied TDS but not paying to Govt. - Query Started By: - pullela nagaraju Dated:- 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3-4-2012 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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