If a registered person collects any amount as tax but deposits it with govt. after six months. Will he be required to pay any penalty besides payment of interest?
Frah Saeed Changed status to publish June 5, 2020
As per Section 122(1)(iii) , a taxable person who collects any amount as tax but fails to pay the same to the Govt. beyond a period of three months from the date such payment becomes due shall be liable to pay penalty of Rs 10,000/-.
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Frah Saeed Changed status to publish June 5, 2020