Consequence of
failure to deduct, collect or deposit tax at source [Section – 57] Section
– 57 has been replaced restructuring the failures related to deduction of tax
at source and relevant consequences. A summary of such failures and the
relevant consequences are given below –
|
Failure |
Payment of default / Amount on which additional amount will be calculated |
Period for which additional amount of 2% per month has to be paid |
|
Failure to deduct or collect tax at source |
The amount of tax required to be deducted or collected |
From the due date of the deduction / collection to the date of the payment of the amount to the credit of the Government |
|
Deduction or collection of tax at a lesser rate or in lesser amount |
The amount of shortfall |
From the due date of the deduction / collection to the date of the payment of the amount to the credit of the Government |
|
Failure to pay the deducted or collected amount or part of it to the credit of the Government |
The amount or part of it which has not been paid to the credit of the Government |
From the date of deduction or collection to the date of payment of the amount to the credit of the Government |
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