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Section 201 - Consequences of failure to deduct or pay TDS

Income Tax - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax - 37 - SEC - 201: CONSEQUENCES OF FAILURE TO DEDUCT OR PAY TDS SECTION 201(1): FAILURE TO DEDUCT OR FAILURE TO PAY TDS If any person who is liable to d .....

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hall be liable to pay interest under section 220 and penalty under section 221 for being Assessee in Default. Section 201(1) does not apply if there is a delay in deduction or delay in payment of TDS. Provided that any person, who fails to deduct the .....

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- (i) has furnished his return of income under section 139; (ii) has taken into account such sum for computing income in such return of income; and (iii) has paid the tax due on the income declared by him in such return of income, and the person furn .....

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t and pay the tax. SECTION 201(1A): LATE DEDUCTION OF TDS OR LATE PAYMENT OF TDS If any person, does not deduct the whole or any part of the tax within the time prescribed or after deducting fails to pay the tax within the time prescribed, he shall b .....

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amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the quarterly return of TDS. Provided that in case any person, fails to deduct the whol .....

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en the interest under clause (i) shall be payable from the date on which such tax was deductible to the date of furnishing of return of income by such resident. Where the assessee failed to deduct tax u/s 194C, but it was found that the contractor ha .....

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