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Process of deposit late filling fee of tds return

Vivek (Guest) (54 Points)

18 July 2012

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.

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2 Replies

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.......................

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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..