I have file my TDS retrun today 18/07/12. The due date was 15/07/12. What is the process of deposit late filling penalty. In which under section it will be deposit.
Bipul Sharma
(CA Final)
(28 Points)
Replied 18 July 2012
Vivek, dont worry about late filing penalty because so many companies filles their TDS return after 2 to 3 month from due date and many times no penalty is imposed and you have filled tds return 3 days after due date which make penalty of Rs. 300 u/s 272A(2) so this will definatly ignored by IT department. As regards to payment is concern wait if A.O TDS issue notice, if issued than pay.......................
Dharani
(Student )
(41 Points)
Replied 21 July 2012
hi vivek..As per the newly inserted Section 234E, if a person (deductor) fails to deliver the TDS statement or TDS return in the time prescribed, then the person shall be liable to pay a fine of Rs. 200 for everyday till the default continues subject to a maximum of the total amount of tax deductible . Moreover, there are penalty provisions as defined in Section 271H..
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