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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

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.

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 ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok