What is section 201 of the Income tax Act, 1961?
Section 201 of the Income Tax Act, 1961 refer for consequences of failure to deduct or pay TDS. Following are the consequences for Non-deduction or Non-payment of TDS: In case of Non-deduction of TDS: Interest will be charged at the rate of 1% per month or part of the month from the date on which tax is deductible to the date on which tax is actually deducted. In case of Non-payment of TDS: Interest will be charged at the rate of 1.5% per month or part of the month from the date of deduction to the date of payment.