Explain what happens if you don’t pay the estimated tax or miss the tax payment?

Once the Tax deducted from a custemer and shown in the General Voucher that may appear in the trail balance. according to the rules of my country pakistan the collection agent i.e organization is liable to submit the tax within 05 days. further to tally the Dr and Cr in the Trail balance one should to pay the tax. and if you not deduct and pay the entire amount then you became liable and the penalty come to your organization. and serious Observation may came in the Audit report.

 you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.