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You may be awaree that, inaccordance with the provisions of Rule 30 of the Income Tax Rules, 1962; all sums deducted in accordance with the provisions of Chapter XVII-B of the Income Tax Act, 1961, shall be paid to the credit of the Central Government on or before seven days from the end of the month in which the deduction is made.

However, as per the records of the Centralized Processing Cell (TDS), this has been observed that there has been substantial delay in payment of the amount of tax deducted during the Financial Year 2013-14. In such case, this leads to short/ late payments defaults in your TDS Returns/ statements.
Please make note of the following important information in this regard:

  • Please note the provisions of Section 200(1) of the Income Tax Act, 1961,
  • Duty of person deducting tax:
  • Any person deducting any sum in accordance with [the foregoing provisions of this chapter] shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or as the Board Directs.
  • Any person being an employer, referred to in sub-section (1A) of Section 192 shall pay, within the prescribed time, the tax to the credit of the Central Government or as the Board Directs.
  • Any person deducting any sum on or after the 1st day of April, 2005 in accordance with the forgoing provisions of this chapter or, as the case may be, any person being an employer referred to in sub-section (1A) of Section 192 shall, after paying the tax deducted to the credit of the Central Government with in the prescribed time, [prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority or the person authorized by such authority such statements in such form and verified in such manner and setting forth such particulars and within such time as may be prescirbed.
  • If the tax is not paid in accordance with the provisions of the Act, it may attract penal Interest u/s 201(1A) and 220(2) of the Act.
  • Any such interest paid above will not be considered as deductible expenses under the provision of section 43(ia) of the Act.
Action to be taken:
CPC (TDS) suggest for payment of all sums deducted within stipulated time to avoid Defaults related with the delay in payment of sums to the credit of the Government.

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