Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Late fees on tds return

vishal (accountant) (65 Points)

03 May 2012

Dear Sir,

I want to know about TDS Return Filling is compulsory after late payment fees on late return filling or interest amount paid to income tax.

How to clear all default of TDS return on TIN NSDL.

Reply
Follow
Share

4 Replies

DIBYENDU (SERVICE) (266 Points)
Replied 03 May 2012

Rs. 100.00 per day will be imposed from due date of return to the date of return acrually filled upto A.Y. 2012-2013 , incresed Rs. 200.00 paer day from A.Y. 2013-2014 moreever u may penalised U/s 271H

Upgrade to CAclubindia Pro. Subscribe Now!

Prateek Agarwal (Sr. Executive - Finance & Accounts) (1732 Points)
Replied 03 May 2012

You can file Corretion statement to cler all your defaults.

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

KARANDEEP,CA,B.Com,CS FNL (JOB) (457 Points)
Replied 22 October 2012

Originally posted by : Venkat
	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