Consequences if TDS not deposited with Govt

By | December 2, 2017
(Last Updated On: December 2, 2017)

Consequences if TDS not deposited with Govt

I have deducted tax from payments disbursed but used the same for some urgent financial needs. What are the consequences?

It is an offence to misuse Tax Deducted at Source. It should have been remitted to government account within the specified time limit.

Failure to deposit TDS attracts levy, interest, penalty and also rigorous imprisonment up to seven years.

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