Corporate tax alert has been saved
Corporate tax alert
Penalty not applicable for delayed remittance of TDS
The Supreme Court has rendered its decision that there shall not be any penalty leviable under section 271C of the Income-tax Act, 1961 (ITA) on mere delay in remittance of tax after deduction of the same by the concerned taxpayer. The consequences on non-payment/belated remittance of the TDS would be under section 201(1A) and section 276B of the ITA.
