Tds return

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PURVI (Querist)
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02 May 2013 if i file tds return for the 4th quarter there is any liability or claim arise or not? if answer is not then why we are making compulsory for our client to file return of tds before 15 may?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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02 May 2013 Miss Purvi why we are making compulsory for our client to file TDS statement in time is because we need to comply with the provisions of Law

Also if the TDS statement are not filed in time the Parties whom TDS are deducted by us will not get the credit in time

Now Comes about the Liability & Claim

for that I should tell you there are Penalies & Prosecution procedure for that
also with Interest if not paid in time

Penalty - Rs.100/- per Day of Delay

Interest u/s. 201(1A)
• @1% till Dt of Deduction
•@1.5% till Dt of deposit

• Prosecution u/s. 276B
•Rigrous Imprisonment :3 months to 7years

PURVI

PURVI (Querist)
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02 May 2013 SIR I CANT UNDERSTAND MEANING OF PROSECUTION U/S 276B & RIGROUS IMPRISONMENT :3MONTHS TO 7YEARS. CAN U EXPLAIN IN BRIEF

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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02 May 2013 Prosecution means case & hearings will be done in which it will be asked to the client that show cause that why you should not be penalized & punished

after Prosecution the person is sent to jail which is minimum 3 Months

and maximum it can go to 7 Years

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