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Section 234e of income tax act

CA Final CS Professional

Hi friends!!!!

The finance act, 2012 added a new section 234E which specifies for fee of Rs. 200 per day for delay in furnishing of quarterly tds statements and is applicable from 1st July, 2012. Further it has been mentioned that it will not be possible to upload the return without payment of fee u/s 234E.

Now my question is whether this section will be applicable for first quarter of FY 2012-13. As per my reading it is applicable for the first quarter also. But one of my friend has uploaded Form 24Q of first quarter of FY 2012-13 on 20th September, 2012 without payment of any late fee u/s 234E. If it is applicable for first quarter also, then how is it possible?

Thanks.

 
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CA Final Student


It is applicable for the 1st qtr too., but it doesnt restrict filing.

But it is better to pay the penalty & then upload the return., else will get notice from the dept.

 


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CA - Manager (Taxation)

Amit,

Subsection 4 of Section 234E is very clear. It states that the provisions of the section shall apply to such ETDS or TCS statement which is to be filed for tax deducted or collected at source, on or after 01st Day of July 2012.

Hence it applies only to tax deducted or collected from 02nd quarter of FY 2012-13.

For more on Indian Income Tax please check http:\\indiataxobserver.wordpress.com


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studying final


234 e is applicable to returns whos due date falls on or after 01.07.2012. so in ur case penalty is applicable...


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CA - Manager (Taxation)

Kavitha,

Sub section (4) of Section 234E. It applies only to statements to be filed for taxes deducted w.e.f 01.07.2012. No fee under Section 234E would be applicable in this case

Penalty for delay in filing quarterly returns is dealt with u/s 271H


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CHARTERED ACCOUNTANT


Sub section (4) of Section 234E. It applies only to statements to be filed for taxes deducted w.e.f 01.07.2012

So how can Penalty be imposed for tax deducted upto 30-06-2012.

This section Definitely come into Operation from Q2 only.

 

 

 


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Chartered Accountant


Sub section 4 of Sec 234E inserted by Finance Act 2012

The provisions of this section shall apply to a statement referred to in

1.sub-section (3) of section 200 (i.e.TDS) or

2. the proviso to sub-section (3) of section 206C(i.e.TCS) 

-which(Stmt.) is to be delivered or caused to be delivered for TDS or TCS (deducted)

-on or after the 1st day of July, 2012.".

 

Applying above, 01.07.2012 date is for  TDS / TCS,not for date of filling of Qtrly.Stmt. of return of TDS/TCS.

Therefore Section 234 E is applicable on Qtrly Stmt. of TDS/TCS deducted on or after 01.07.2012(i.e II Qtr. of F.Y.2012-13)

Hence no penalty is leviable u/s 234E in above case.


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1. Penalty u/s. 272A (2) (k) of the Act.

 

  • Reason: - for late-filing of TDS returns.

 

  • Amount: - 1. Minimum: - Rs 100 per day till the default continues

                    2. Maximum: - amount of TDS deductible.

 

  • No Penalty: - for reasonable cause.

 

  • No penalty will be charged under this section if return pertains to period for the TDS and TCS to be deducted or collected on or after 1.07.2012.

 

2. Fee U/s 234E.

 

  • Reason: - for late-filing of TDS returns.

 

  • Amount: - 1. Minimum: - Rs 200 per day till the default continues

                    2. Maximum: - amount of TDS deductible.

 

  • Penalty under this section will be charged if return pertains to period for the TDS and TCS to be deducted or collected on or after 1.07.2012.


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M.COm.,CA final


so,as per CA Manish Malu, "FEES" takes place in place of "PENALTY"


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to be a chartered accountant

I agree with kavitha

 
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