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Query on tds

Muhammed (Chartered Accountant) (251 Points)

30 June 2016

OUR COMPANY REGULARLY DEDUCT TDS FROM EMPLOYEES MONTHLY AND IT PAYS IT TO CREDIT OF CENTRAL GOVERNMENT WITH IN THE TIME, BUT RETURNS FOR THE YEAR 2015-16 HAS NOT YET FILED, I WANT TO KNOW WHETHER

1. ANY PENALTY U/S 234 E WOULD BE INITIATED IF I FILE ALL THOSE DEDUCTIONS AS THE DEDUCTIONS ARE FOR Q4 OF 2015-16

2. WILL THERE BE ANY OTHER CONSEQUENCES

REGARDS

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4 Replies

CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 30 June 2016

have you deposited the TDS deducted or not

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Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 30 June 2016

Quarter Ending	Last Date Of Filing Return	Last Date Issuance of Certificate of Form 16	Last Date Issuance of Certificate of Form 16 A
30th June	15th July	30th July	30th July
30th September	15th October	30th October	30th October
31st December	15th January	30th January	30th January
31st March	15th May	30th May	30th May

1.Not Filling Of Tds Return With In Due Date:-

1. 200/- Per Day From Due Date Date Of Filing.

2. Actual Tds Amount.

2.Delay In Payment Of Tds Amount.

Case (1):- Deducted But Not Paid.

1.5%P.m From The Date Deduction to till the date of Payment.

Case(2) :- Not Deducted And Not Paid.

1 % P.m From The Date Of Deductible to Actual Date Of Deduction.

1.5% P.m From The Date Of Deduction To Till The Date Of Payment.

Absolutely my this chart will help u in more clearly understanding.

Muhammed (Chartered Accountant) (251 Points)
Replied 30 June 2016

@ saurabh singh : i had deposited those deducted tds in time

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 30 June 2016

penalty (Sec 271H): Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may extended to Rs.1,00,000.
Penalty under this section is in addition to the penalty u/s 234E.
This section will also cover the cases of incorrect filing of TDS return.

furthere, u have reason for that not able to fill return then it must be proved ,no liability will arise then to u.

further more, no penalty in 271h will arise if -

The tax deducted/collected at source is paid to the credit of the Government.
Late filing fees and interest (if any) is paid to the credit of the Government.
The TDS/TCD return is filed before the expiry of a period of one year from the due date specified in this behalf.

So if u file return before the expiry of one year of filling return date , then feel free no liabilty will be arise to u.

regards