https://www.taxtmi.com/acts?id=4051 Failure to deduct or pay required tax renders the deductor deemed an assessee in default, subject to a proviso excusing deeming where the payee files a return, accounts for the sum and pays tax with an accountant's certificate; penalty is charged only if the Assessing Officer finds no good and sufficient reasons. Simple interest is payable for the period tax was deductible until deduction and from deduction until payment, interest must be paid before furnishing the prescribed statement, and unpaid tax with interest is a charge on all assets. Limitation for making default orders is prescribed. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 28 Aug 2025 16:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=4051 Failure to deduct or pay required tax renders the deductor deemed an assessee in default, subject to a proviso excusing deeming where the payee files a return, accounts for the sum and pays tax with an accountant's certificate; penalty is charged only if the Assessing Officer finds no good and sufficient reasons. Simple interest is payable for the period tax was deductible until deduction and from deduction until payment, interest must be paid before furnishing the prescribed statement, and unpaid tax with interest is a charge on all assets. Limitation for making default orders is prescribed. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=4051