NON-PAYMENT OF TCS IN GOVT. DEPT

RAKESH MEHRA (Querist) 19 December 2009 This query is : Resolved
SIR,

WE HAVE NOT DEPOSITED TCS AMOUNT FOR THE MONTH OF AUG 09, SEP 09, OCT 09 AND NOV 09.

WHAT IS THE PENALTY AMOUNT IF PAYMENT MADE IN NOV 09 FOR THE M/O AUG 09.

PLZ REPLY................./

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A V Vishal (Expert) 19 December 2009
Interest is payable for delayed / non payment of TDS / TCS u/s 201(1A) and 206C (7) respectively. However, there was no provision to make it payable on self assessment basis and hence the interest could be collected only on assessment. Effective 1.6.2006, this lacuna has been plugged.

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