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Penalty on tds return filing

Nisha Yadav (Accounts exe) (455 Points)

11 October 2012

Dear All,

Please help me regarding TDS Retrun late filing,

I didnt file my tds retrun for 1 quater ........ IS Penalty 200 /- per day aplicable on 1st quater or not?????

Thanks to all

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7 Replies

ANJALI NEGI (Chartered Accountant) (1263 Points)
Replied 11 October 2012

When the TDS return is filed after the due date, you attract penalty under section 272A(2)(1). The penalty shall be Rs.100, for each day of delay, subject to the maxium of tax deducted. But before passing any order imposing penalty, the department is bound to provide us an opportunity to explain our position. It is Rs. 200/- because 24Q and 26Q both are to be filed seperately thats why 100 rs. each for each type of TDS REturn is payable as panelty. per day

Read more at: /forum/penalty-on-late-filing-of-tds-return-52480.asp#.UHZ2CcXMhcg

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Nisha Yadav (Accounts exe) (455 Points)
Replied 11 October 2012

Thank for your reply but dear it not clear my ans ,,,please let me know is 200/- per day penalty applicable on 1st quater ?

CA Manish (Job) (5264 Points)
Replied 11 October 2012

These amendments are applicable from 1st July, 2012 and will, accordingly, apply to the TDS or TCS statement to be furnished in respect of tax deducted or collected on or after 1st July, 2012.

Therefore penaly of Rs 200/- per day is not applicable for 1st qtr.

Nisha Yadav (Accounts exe) (455 Points)
Replied 11 October 2012

Thanks for your reply

CA Shree Jain (Chartered Accountant) (1572 Points)
Replied 11 October 2012

eTDS statement for 2012-13 first quarter is to be filed on or before July 15,2012. Few important changes and points to remember are given below

Mandatory Fees and Penal provisions

File eTDS Statement in time or pay late filing fees ( Section 234E)

From 1st July 2012, failure to submit eTDS statement in time will result in fees

A mandatory fees of Rs. 200 per day is applicable for any delay in furnishing of eTDS statement.
Total fees will be limited to the amount of TDS deducted
Such fees must be paid before filing of eTDS statement and shown appropriately therein.

Penalty for late filing or incorrect filing ( Section 271H)

Effective July 1, 2012

A delay beyond one year will result in penalty ranging from Rs. 10,000 to 1 lac.

Failure to file eTDS statement or filing incorrect details like PAN, challan details, TDS amount will also result in penalty being levied ranging from Rs. 10,000 to 1 lac

From the above, it is clear that this time when you fie eTDS statement, you need to file in time and also ensure that you are not filing incorrect details in the statement

FVU Version 3.5

Effective July 1, 2012 , eTDS file must be validated with file validation utility version 3.5 for current filing
For statements pertaining to FY upto 2009-10, there no change in the fvu and and same version <> will continue
There is only one change brought about by fvu 3.5 and it is in respect of BIN – Book Identification Number.

Book Identification Number – BIN

BIN consists of the following:

Receipt Number: Seven digit unique number generated for each Form 24G statement successfully accepted at the TIN central system.

DDO Serial Number: Five digit unique number generated for each DDO record with valid TAN present in the Form 24G statement successfully accepted at the TIN central system.

Date: The last date of the month and year for which TDS/TCS is reported in Form 24G. Date will be in DD/MM/YYYY format.

AO has to communicate the BIN details to the respective DDO.BIN is to be quoted by the Drawing and Disbursing Officer (DDO) in transfer voucher details in their quarterly TDS/TCS statements.

FVU 3.5 will verify structural validation for BIN quoted by the Govt. deductors (where TDS/TCS is deposited by book entry). BIN should be the same that has been provided by TIN on upload of Form 24G by respective PAO/DTO.

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Maruthi (Tds Returns Preparer) (207 Points)
Replied 30 October 2012

Sub:- Intimation of non-filing of TDS Returns

The assessing officer was advised to file the pending TDS Returns within 15 days from the receiving of the such notice, the Query is if the deductor filed the pending TDS returns within 15 days, the penalty will arise or not?

Regards