https://www.taxtmi.com/news?id=22588 Surveys uncovered widespread non compliance with TDS and TCS obligations across sectors, manifesting as non-deduction, short deduction and deduction without deposit. Sectoral examples include technical and construction contracts, misclassification of payments to medical practitioners, omissions in collection on large cash receipts, and deducted but undeposited TDS on interest. The department used historical filings and CPC-TDS data to quantify liabilities. Statutorily, deducted tax must be deposited within seven days from month end and failures attract interest at the prescribed monthly rate from deduction to deposit. en-us Wed, 04 Mar 2020 18:31:50 +0530 Wed, 04 Mar 2020 18:31:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=22588 Surveys uncovered widespread non compliance with TDS and TCS obligations across sectors, manifesting as non-deduction, short deduction and deduction without deposit. Sectoral examples include technical and construction contracts, misclassification of payments to medical practitioners, omissions in collection on large cash receipts, and deducted but undeposited TDS on interest. The department used historical filings and CPC-TDS data to quantify liabilities. Statutorily, deducted tax must be deposited within seven days from month end and failures attract interest at the prescribed monthly rate from deduction to deposit. News - Wed, 04 Mar 2020 18:31:50 +0530 https://www.taxtmi.com/news?id=22588