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<h1>Section 201: Consequences of Not Deducting TDS, Including Interest and Penalties, with Exceptions for Resident Recipients.</h1> Section 201 of the Income Tax Act outlines consequences for failing to deduct or pay Tax Deducted at Source (TDS). If a liable person fails to deduct or pay TDS, they are deemed an 'assessee-in-default,' facing interest and penalties. However, if the resident recipient files a return, accounts for the income, and pays due taxes, the person may not be deemed in default if certified by a chartered accountant. Interest on late TDS deduction or payment is charged monthly. Amendments specify time limits for deeming defaults, except in cases of non-payment after deduction or involving non-residents. Relevant notifications and circulars provide additional guidelines.
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