Section 234E – Fees for defaults in furnishing quarterly returns:
Section 234E is applicable in respect of quarterly TDS/ TCS return which is to be submitted on or after July 1, 2012.
If a person fails to deliver TDS/ TCS return within the prescribed time [sec 200(3) and/or sec 206(3)] he shall be liable to pay, by way of FEE, a sum of Rs. 200 for each day of failure.
However the fee amount should not exceed the amount of tax deductible/collectible.
With effect from July 1, 2012 it would not be possible to file a belated quarterly TDS/TCS return without payment of fees under 234E.
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