Sec234e of the income tax act

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ATUL BELEL (Querist)
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08 July 2013 Explain the meaning of Sec 234E of the Income Tax Act.
Is the above said section applicable for the previous year 2012-2013?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 July 2013 Section 234E – Levy of Fees:

# Failure to submit e-TDS Statement on time will result in fees on the deductor.

# If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the deductor, as long as TDS Statement is not filed.

# The levied amount of fee is not supposed to exceed the TDS deductibles.

# Prior to filing of TDS Statement such fee should be paid and it should be reflected in the TDS Statement.

Applicable from 01.07.2012

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 July 2013 Also be aware of section 271H.

PENALTY UNDER SECTION 271H
In addition to the above mentioned fee which is payable for uploading return belatedly , additional penalty under section 271 H of the Act may also be invoked if the default for filing the return continues for more than 1year from the original date for filing the return. The penalty under 271 H is minimum Rs.10000/- and maximum of Rs.100000/- .