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Tds provisons in budget 2012

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)

17 March 2012

Hello frnds.....!!!!!!!!!

I heard there certain penaulties in late filing of TDS returns....!!!!!!!!!!!!

can any one expalain TDS provisions brifely................?????????

Thanks in Advance

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Sonam Bidasaria (CA) (770 Points)
Replied 17 March 2012

Previously, only there was fees of Rs. 100 per day for filinf TDS Return after due date

This limit has been increased to Rs. 200 per day provided such fees should not exceed the TDS amount in respect of which return is going to be filed.

This time a penalty of minimum Rs. 10,000 has also been prescribed , which can be extended to rs. 1,00,000, if the return is not filed within due date. An exception (or relief) is provided to deductor in this regard, if two conditions are satisfied -

TDS return was filed within 1 year from due date of filing and
Appropriate interest and fees for such delay filing, were also paid by the deductor.

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