Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Monday, March 10, 2014

DATES FOR FILING OF TDS/TCS RETURNS AND PENALTY


TIME LIMIT FOR FURNISHING OF TDS STATEMENT UNDER SECTION 200(3)

Fee u/s’ 234E’ w.e.f. 01.07. 2012 for Late Filing of TDS Statement Or E-TDS Return

Where a person fails to deliver or cause to be delivered TDS statement within the time prescribed in section 200(3) or the proviso to section 206C(3), he shall be liable to pay, by way of fee, a sum of Rs.200 per day during which the failure continues.
The Late filing fees of Rs. 200 per day shall not exceed the amount of tax deductible or collectible, as the case may be.”
Penalty u/s ‘271H’ for Late Filing or Non- Filing TDS Statement or E-TDS Return w.e.f. 01.07.2012

When is the Penalty Attracted?
If a person fails to deliver or cause to be delivered a statement within the time prescribed in section 200(3) TDS Statement [Form 24Q/26Q] or the proviso to section 206C(3) TCS Statement [Form 27EQ]; 
                                                                         or
furnishes incorrect information in the statement which is required to be delivered or cause to be delivered under section 200(3) or the proviso to section 206C(3).
Amount of Penalty
The penalty shall be a sum which shall not be less than Rs10000 but which may extend to Rs100000.

No Penalty shall be levied if
The Assessee proves that after paying tax deducted or collected along with the fee and interest, any, had filed TDS [Form 24Q/Form 26Q]/TCS [27EQ] Statement before the expiry of a period of one year from the time prescribed for furnishing such statement.

Contributed by Miss Tanya Gagneja

1 comment:

  1. A brief but sophisticated guideline. If we know the details of dates for filingof TDS returns and penalty, we can make business in a much better manner.

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