27 February 2020
Please guide on the situation below:
facts: I am a partnership firm having deducted tds u/s 194J for invoice dated 04.11.2019 on the same date. TDS was deposited on above invoice on 24.02.2020 along with interest @ 1.5% pm. I now want to file the relevant TDS Return for Q3 (26Q) FY 19-20. I Intend to file the return on 28.02.2020.
queries: 1. Should i pay penalty u/s 234e for late filing prior to tds return filing or after i receive intimation from dept. 2. how should i show penalty amount paid through a separate challan in TDS Return ? 3. Will i be liable to pay penalty u/s 272A for late issuance of TDS certificates? 4. Please guide on best possible procedure to make complaince.
28 February 2020
(1) If Penalty U/s 234E not paid now, you will have to revise the return also after paying the penalty. So better to pay the penalty first and then file the return. (2) The challan paid for penalty has to be shown in challan sheet provided in the TDS return. Nothing else to be done for this. (3) As per the provisions of law, Penalty is leviable in this case. But it depends on the department, whether to levy or not. (4) It is suggested to file the return asap.
CAclubindia
