Fees & Penalty for late / Non filing of TDS Return

No filing or Late filing of TDS returns or TDS statement shall invite two penal consequence, one Fee for late filing of TDS Return U/s 234E and second Penalty for late filing or Non filing of TDS statement U/s 271H.

Fee U/s 234E for late filing of TDS Statement:

If you filed late income tax return, there is consequential penalty in form of interest u/s 234A if there was tax due as per return. Similarly in the same chapter new section 234E has been proposed to be effective from 1st of July 2012, with heading ‘Levy of Fee in certain case’ deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.

Penalty for late filing or non- filing TDS statement

Similarly a new penalty provision has been inserted as section 271H which provides that a deductor shall pay penalty of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement. This amendment is effective from 1st July 2012.

 / Comments Off on Fees & Penalty for late / Non filing of TDS Return  / in Income Tax, Updates