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Tds (late return filing)

Nitesh Painter (Service) (78 Points)

10 October 2012

IF TDS RETURN IS FILED ON 20TH OF THE MONTH AFTER END OF RELEVENT QTR, WHETHER PENELTY OF RS. 200 PER DAY IS ATTACTED?

THANKS IN ADVANCE

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1 Replies

Venkat (Dy. Manager Finance) (272 Points)
Replied 22 October 2012

Late Filing or Non filing of TDS Statement Made Costly

No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence as the finance Act 2012-13 has given 2 New provisions – Fee for late filing U/s 234E and Penalty for late filing or Non filing of TDS statement U/s 271H.

Fee U/s 234E for late filing of TDS - Statement - Wef 1.07.2012

Fees of Rs.200 per day for late furnishing of TDS statement from the due date of furnishing of TDS statement to the date of furnishing of TDS statement

Fees shall be paid before delivering a statement

Total amount of fee shall not exceed total amount of tax deductible

Similarly a 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.

Thus, if the present due time for filing TDS statement is taken, the time up to which the penalty u/s 271H cannot be imposed are explained for any tax deduction for FY 2012-13

Sl. No	TDS Statement	Due date	Date up to which no penalty u/s 271H can be imposed
1	30th June	15th July 2012	15th July 2013
2	30th September	15th October 2012	15th October 2013
3	31st December	15th January 2013	15th January 2014
4	31st March	15th May 2013.	15th May 2014