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Interest & Penalty on non-filing of TDS return

Shamita (Learner) (410 Points)

14 October 2009

If someone has not deposited TDS for Sep. 2009 till 15th Oct. 2009, can he file quarterly return on 15th Oct. 2009.

If return is not deposited what is the interest or penalty for it ???

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8 Replies

(Guest)

FAILURE TO FURNISH THE TDS RETURN – 272A(2)©

If the deductor fails to furnish the TDS return within due date, he shall be liable for penalty of Rs.100/- per day for the period of default.

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(Guest)

CONSEQUENCES OF FAILURE TO DEDUCT OR DEPOSIT THE TAX AT SOURCE-1
- The person responsible for deducting tax at source will be held as assessee in default and the tax he ought to have deducted at source or he ought to have deposited will be collected from such person .
CONSEQUENCES OF FAILURE TO DEDUCT OR DEPOSIT THE TAX AT SOURCE-2
- If the person responsible for deducting or depositing the tax at source, does not pay or deposit the TDS then Interest u/s.201(1A) @ 12% p.a. from the date on which the tax was deductible to the date on which such tax is actually paid will be levied on the amount of such tax.
CONSEQUENCES OF FAILURE TO DEDUCT OR DEPOSIT THE TAX AT SOURCE-3
- The tax along with interest shall be a charge upon all the assets of the person / company, responsible for deducting tax at source.
CONSEQUENCES OF FAILURE TO DEDUCT OR DEPOSIT THE TAX AT SOURCE- 4 (S. 40(ia))‏
- W.E.F. 01.04.2004 ( AY 2005-06), if the deductor does not deduct or deposit the tax at source, he shall not be allowed deduction while computing his own total income- interest, commission & brokerage, fee for professional & technical services and contract

Sunil Liladhar Kotak (Manager (F & A)) (2025 Points)
Replied 14 October 2009

Unless u have paid the whole amount of the TDS the system will not accept the TDS return

madhan (partner) (43 Points)
Replied 29 October 2009

IF WE FAIL TO DEDUCT TDS WE WILL NOT THE RELATED EXPENDITURE IN FILING INCOME TAX RETURN.

IF THE REMITTANCE OF TDS IS DELAYED WE HAVE TO PAY INTEREST @ 1% PER MONTH OR PART OF THE MONTH.

IF WE FAIL TO FILE TDS RETURN WE HAVE TO PAY A PENALTY OF RS 100 PER DAY UNTIL FILING OF RETURN BUT IN PRACTICE NOBODY IS PAYING PENALTY BUT WE ARE PAYING INTEREST.

dev (cost accountant) (22 Points)
Replied 17 August 2011

In CA CPT will not there in future, this rule is apply with effect from?

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anubhav khurana (no) (27 Points)
Replied 10 May 2012

if any person deposit the tds for all the quater in last month of 4th quater with interest & now is this person also has to pay the penality for filling the return ,