14 September 2014
The assessee had made payment to a transporter without TDS in JUNE 2013 as the transporter had furnished his PAN card. As there was no TDS done during that quarter the form 26q was not filed for the quarter. The assessee has filed form 26q for the quarter ending 31/03/2014. Can he now file a correction return for the 4th quarter to include this payment without tds of the 1st quarter or will he have to file the form 26q for the 1st quarter. Will there be any penalty or late fee involved ?
14 September 2014
According to 234 E penalty will be Rs 200 per day maximum of tax liability of that qtr.
In your case as there is no tax liability arises because you are going file Nil return .
Penalty will be NIL according to 234 E.
And also you can rectify the your last qtr retun as you already filed no penalty under section 234 E attracted.
I wish to bring your kind notice that our current financial minister specifically said to CBDt to remove the provision of charging penalty on day basis . We are waiting for response from CBDT .
In your case you can file TDS return for first qtrs . No penalty arises for it.
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