Late fee u/s 234e

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pallav

pallav (Querist)
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25 July 2016 Is late fee or any other penalty applicable if I file regular return 24Q for the F.Y. 2010-11 today??

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 July 2016 yes, if you have not filed regular return than you have liable to pay 234E late filing fees Rs.200 Per day maximum to the extent of liability, if you have not paid TDS than interest as applicable to be paid till date.

pallav

pallav (Querist)
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28 July 2016 BUT THIS SECTION WAS NOT APPLICABLE IN THAT F.Y.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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02 August 2024 Section 234E of the Income Tax Act, 1961, relates to the penalty for the late filing of TDS (Tax Deducted at Source) returns. However, since this section was introduced in the Finance Act, 2012, it applies only to returns filed after the introduction of the provision.

### **Key Points on Section 234E:**

1. **Applicability of Section 234E:**
- **Introduced:** Section 234E was introduced with the Finance Act, 2012.
- **Applicable From:** It applies to TDS returns filed from the assessment year 2012-13 onwards.

2. **Penalties Under Section 234E:**
- **Penalty Amount:** ₹200 per day of delay until the date of filing the return.
- **Capped Penalty:** The penalty cannot exceed the amount of TDS payable.

3. **For F.Y. 2010-11:**
- **Not Applicable:** Since Section 234E was not applicable for the financial year 2010-11 (Assessment Year 2011-12), you should not be liable for any penalty under this section for late filing of TDS returns for that period.

### **What to Do:**

1. **Filing Late Returns for 2010-11:**
- **No 234E Penalty:** For TDS returns related to FY 2010-11, which are filed now, Section 234E penalties do not apply.
- **Other Penalties:** Ensure to check if there are any other penalties or interest applicable under the provisions that were relevant at that time.

2. **Interest on Late Payment:**
- **Section 201(1A):** This section deals with interest on late payment of TDS and may still apply, depending on the circumstances.

3. **Compliance:**
- **File Returns:** File the TDS returns for FY 2010-11 as required.
- **Ensure Correctness:** Ensure that all details are accurate and comply with the rules applicable for the relevant financial year.

### **Summary:**

- **No Late Fee Under Section 234E**: Since Section 234E was not applicable for FY 2010-11, you will not incur any penalty under this section.
- **Check Other Penalties**: Review other relevant sections and provisions to ensure that no other penalties or interest are applicable.

**Consult a Tax Professional**: If you have specific concerns or need clarity on any other potential penalties or compliance issues, consulting a tax professional or CA can provide personalized guidance and ensure full compliance.

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