Liability in case of Late filing of TDS Return

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Varsha R.Bansal (Querist)
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09 December 2009 Dear Experts,

Pls let me know whether any interest or penalty is to be paid in case I have not filled my TDs return in time?
Pls note, TDs is deducted & deposited in Govt Account in time.
Only delay is in filing of TDS return.

Regards,
Varsha

Aditya Maheshwari

Aditya Maheshwari (Expert)
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09 December 2009 Rs. 100/- per day of delay

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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09 December 2009 At the time of filing of TDS return; you need not pay the penalty of Rs.100/- per day.

Any peanlty if levied by the Income-Tax Department; first of all; a show cause notice will be issued.

If there are sufficient grounds due to which you could not file the TDS Return; then penalty proceedings may be dropped.

Ca Rakhecha
Surat

Varsha R.Bansal

Varsha R.Bansal (Querist)
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10 December 2009 And what in case I need to file a correction return?
What is the time limit for such returns?

Ghanshyam T Jha

Ghanshyam T Jha (Expert)
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10 December 2009 Act is silent about revise TDS return so you should revise immediately as soon you come to know that correction is required.

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