TDS and TCS default liability imposes assessee-in-default status, interest, asset charge, limitation, and conditional penalty. Section 398 deems a person to be an assessee in default for failure to deduct or collect tax, failure to deposit tax deducted or collected, or other ... Summary
TDS and TCS default liability imposes assessee-in-default status, interest, asset charge, limitation, and conditional penalty.
Section 398 deems a person to be an assessee in default for failure to deduct or collect tax, failure to deposit tax deducted or collected, or other failure to pay tax as required. Assessee-in-default status is avoided where the recipient files a return, includes the amount in income, pays the tax due, and the deductor or collector furnishes the prescribed accountant's certificate. Interest applies for delay in deduction, collection or payment, while unpaid tax and interest constitute a charge on the assessee's assets. Penalty requires satisfaction that the default lacked good and sufficient reasons.
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