Tds penalty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2013 if a person does not file tds return in time and in 4th qtr he files all tds return(qtr 1 2 and 3) then penalty will be levied ??

whether it is necessary to fil nil tds return??/

Santosh Mishra

Santosh Mishra (Expert)
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02 March 2013 Yes, person shall be liable to pay, by way of fee Rs.200 for everyday during which the failure continues. This fee can not exceed the amount of tax which was deducted at source. This is mandatory and should be paid before submitting the returns.

Apart from this, the person is liable to pay a penalty of Rs.10000 to 100000(at the discretion of IT department). But this panalty is not levied if returns are submitted within one year from the time prescribed.

Filling NIL statement is not mandatory but return for 4t quarter is mandatory if return of any previous three quarter has been submitted.