234E penalty for late filing of tds returns
This query is : Open
04 January 2017
Can anyone suggest me regarding 234E section...whether this section applicable before 1.6.2015？？with circular
Mithun Agarwal
(Expert)
04 January 2017
Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS.
yes, Its applicable before 1.6.2015.
yes, Its applicable before 1.6.2015.
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04 January 2017
Sir, thanks for the quick response...Please let me know the provisions of the section 200A of the income tax act...
Mithun Agarwal
(Expert)
04 January 2017
section 200A is basically default demand raised by IT Dept. after filing TDS return. you can see given link https://www.incometaxindia.gov.in/Acts/Finance%20Acts/2009/102120000000010234.htm
04 January 2017
Sir, one of our client...he has not filed tds returns from 2012...now he wants to pay the penalty....here question is whether he need to pay penalty from 2012？ and Is there any circular for waive off
Mithun Agarwal
(Expert)
04 January 2017
After Amendment in section 200A by Finance Bill 2015 w.e.f. 01-06-2015, following position emerge:
Till 31-5-2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. so if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled.
It means that late fees u/s 234E is not payable before 31/05/2015
Till 31-5-2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. so if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled.
It means that late fees u/s 234E is not payable before 31/05/2015
04 January 2017
Is there any circular about this....because we have prove before income tax department...
04 January 2017
saying that before 31.05 2015 234E is not applicable...so waive off the same....
Mithun Agarwal
(Expert)
04 January 2017
yes its possible to waive off if you appeal can be filed for this or rectification application U/s 154 can be filed. and you can see link for more information https://www.simpletaxindia.net/2014/01/draft-appeal-for-notice-received-us.html
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