Penalty for tds return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2012
Dear expert,
I would like to know about new Rs. one lac penalty provision in respect of TDS returns effecting from 1 July 2012.
Thanks in advance
I would like to know about new Rs. one lac penalty provision in respect of TDS returns effecting from 1 July 2012.
Thanks in advance
04 May 2012
Penalty for late filing or non- filing TDS statement:
New penalty provision has been inserted as section 271H which provides that a deductor shall pay penalty of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement. This amendment is also effective from 1st July 2012.
Fee U/s 234E for late filing of TDS Statement:
New section 234E has been proposed to be effective from 1st of July 2012, with heading “Levy of Fee in certain case” deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.
New penalty provision has been inserted as section 271H which provides that a deductor shall pay penalty of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement. This amendment is also effective from 1st July 2012.
Fee U/s 234E for late filing of TDS Statement:
New section 234E has been proposed to be effective from 1st of July 2012, with heading “Levy of Fee in certain case” deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2012
Whether the said penalty will also exercise for defaults like short TDS deduction or wrong pan no. etc ?
04 May 2012
Above two section do not deal with it. In case of wrong PAN or short deduction of TDS default will be generated at the NSDL portal which you can view by logging in with your TAN. Then you will have to rectify the defaults. Also demand with interest will be raised for short deduction.
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