alleryStart learning →A deductor deducts tax but fails to deposit it. What follows?
AA flat 24% interest
BInterest under section 50(1)
CNo interest, late fee
DWaiver after one month
Answer & Solution
Correct answer: B. Interest under section 50(1)
The deductor owes interest as per section 50(1) in addition to the tax deducted.
Keep practising GST: Payment of Tax
Browse all GST: Payment of Tax questions for CA Inter, or explore more Taxation topics.
Related questions
Under section 53, CGST credit used for IGST dues makes central tax collected?When central tax credit pays IGST, the Centre transfers the sum to which account?The power to collect TCS operates without prejudice to what?Interest on a TCS mismatch added to a supplier's liability follows which provision?Rectification of a TCS statement is barred after the due date of which month?Who claims credit in the cash ledger of the amount an operator collected?The operator's annual TCS statement is due before which date after the year ends?Within how many days after month-end must the operator pay collected TCS?