Penalty under 234e & 271h
This query is : Resolved
21 September 2013
I have filed NIL TDS return for F.Y. 2012-13 on 07/09/2013, does this attract penalty under sec 234E or 271H. Kindly Answer
21 September 2013
No. NIL Return will not attract penalty u/s 234E or 271H.
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.
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.
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