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Penalty for non submission of tds return of f/y 2011-12

raja (accountant) (48 Points)

02 July 2012

If i can't submitted tds return for Q2 F/Y 2011-12, the penalty is imposed in this case for non submission of tds return. A new law introduced from 01 July 2012(Section 271H). This law effect of above mentioned case or not. Or treat it previous law.

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CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 02 July 2012

After section 271G of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2012, namely :—

"271H. Penalty for failure to furnish statements, etc.—(1) Without prejudice to the provisions of the Act, a person shall be liable to pay penalty, if, he—

(a) fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C ; or

(b) furnishes incorrect information in the statement which is required to be delivered or cause to be delivered under sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C.

(2) The penalty referred to in sub-section (1) shall be a sum which shall not be less than ten thousand rupees but which may extend to one lakh rupees.

(3) Notwithstanding anything contained in the foregoing provisions of this section, no penalty shall be levied for the failure referred to in clause (a) of sub-section (1), if the person proves that after paying tax deducted or collected along with the fee and interest, if any, to the credit of the Central Government, he had delivered or cause to be delivered the statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C before the expiry of a period of one year from the time prescribed for delivering or causing to be delivered such statement.

(4) The provisions of this section shall apply to a statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C 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.".

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CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 02 July 2012

So we can file your ETDS Return before 15th Oct. 2012 with Interest..

raja (accountant) (48 Points)
Replied 03 July 2012

If i can't submitted tds return for Q1 F/Y 2011-12, the penalty is imposed in this case for non submission of tds return. A new law introduced from 01 July 2012(Section 271H). This law effect of above mentioned case or not. Or treat it previous law.