TaxTMI 
TaxTMI 
what would be the penalty if credit has been given to the party and tds also deducted in the books but payment has not been done to the party?
tds not deposited
manish khawas
Penalty for Not Depositing TDS Equals Tax Deductible Under Section 271C; Assessee Faces Tax, Interest, and Prosecution. A query was raised regarding the penalty for not depositing tax deducted at source (TDS) despite credit being given and TDS being recorded in the books. The response clarified that under Section 271C, the penalty is equal to the amount of tax deductible. The assessee would be considered in default and liable for tax and interest, with the possibility of prosecution under the law. (AI Summary)