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Section 234e- is it also applicable for fy 2011-12

Akash Pincha (CHARTERED ACCOUNTANT) (188 Points)

09 July 2012

234E - Fee for defaults in furnishing statements- If a person fails to deliver or cause to be delivered a statement within the time prescribed, he shall be liable to pay, a sum of Rs 200 for every day during which the failure continues. This provision is applicable from 1st July 2012.

Now my question is will this section be applicable for any of the Quarter of F.Y. 2011-2012 i.e if any person who fails to deliver the Quarterly statement relating to F.Y. 2011-12 within the time prescribed and the person submits the statement after 1st July 2012. Then will this section be applicable to that person and penalty of Rs 200/- per day will be levied.

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3 Replies

Ritika Pundir (CA) (154 Points)
Replied 09 July 2012

234E - "provisions of this section shall apply to a statement", "which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012" (Taxmann)

However, the fee is not to be levied if statement is furnished within an year of the due date.

Therefore, Rs. 200/- per day wil be levied for returns of Fy 11-12 furnished after July 1, 2012 if the 1year period has lapsed.

Kindly wait for others to comment.

Akash Pincha (CHARTERED ACCOUNTANT) (188 Points)
Replied 09 July 2012

Thanx 4 the reply.... But as the provision states that it is applicable for statement ,"which is to be delivered orcaused to be delivered on or after the 1st day ofJuly 2012". Therefore I interpretate that it is applicable only for statement which is required by law to be submitted after 1st july 2012. And also if it is applicable for F.Y 2011 - 2012.... than will the penalty be levied for each day for which the default continues. But I don't thnk so it will be levied.