Penalty for not filing of TDS return????

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C.A. Shilpi (Querist)
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28 December 2010 Pls. tell me penalty for not filing of TDS return & the governing section or rule therefor.....

In my case we have wrongly filed TDS u/s 195 in Form 26Q instead of Form 27 now on rectification Form 27 will be treated as not filed since 200-08.
So, what will be the penalty & any other way out??????????

Shyam Lal Naik

Shyam Lal Naik (Expert)
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28 December 2010 Penalty proceedings are quasi-criminal in nature. As held judicially in many cases, presence of mens rea is essential for imposition of penalty.

From the facts, it appears to be an honest mistake and is well within the power of the adjudicating authority to condone the same.

In my view, it is not a case of non filing, rather a mere procedural lapse.

The penalty is Rs. 100/- per day of delay.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 December 2010 If at all penalty is proposed / levied seek waiver u/s 273B of the I.T.Act,1961.

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