SECTION 276B/276BB
As per the Income Tax Act, the Tax Deducted amount should be paid within the stipulated time to the credit of Central Government.
Consequences
Prosecution will initiated where the cumulative interest payable u/s 201(1A) for all the years involved in respect of tax deductions at sources under sections 192 to 195 of the Income-tax Act is more than Rs. 10,000/- and the tax is not paid to the credit of the Central Government.
Action to be taken:
The amounts deducted as TDS should be paid to the credit of central government within the stipulated period i.e 7th of the every month.
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