- Apr
- 13
- 2012
Late Filing or Non filing of TDS Statement Made Costly
No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence as the finance bill 2012-13 has given 2 New provisions – Fee for late filing U/s 234E and Penalty for late filing or Non filing of TDS statement U/s 271H.
Fee U/s 234E for late filing of TDS Statement:
If you filed late income tax return, there is consequential penalty in form of interest u/s 234A if there was tax due as per return. Similarly in the same chapter new section 234E has been proposed to be effective from 1st of July 2012, with heading “Levy of Fee in certain case” deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.
Penalty for late filing or non- filing TDS statement
Similarly a new penalty provision has been inserted as section 271H which provides that a deductor shall pay penalty of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement. This amendment is also effective from 1st July 2012.
Thus, if the present due time for filing TDS statement is taken, the time up to which the penalty u/s 271H cannot be imposed are explained for any tax deduction for FY 2012-13
| Sl. No |
TDS Statement |
Due date |
Date up to which no penalty u/s 271H can |
|
1 |
30th June |
15th July 2012 |
15th July 2013 |
|
2 |
30th September |
15th October 2012 |
15th October 2013 |
|
3 |
31st December |
15th January 2013 |
15th January 2014 |
|
4 |
31st March |
15th May 2013. |
15th May 2014 |
Sandeep Kanoi+
I have a doubt if i fail to Deposit TDS of more than one Parties than also i have to deposit Rs. 200/- only.
whether provisions of sec. 271H regarding penalty for non filing of tds return will be attracted in case of nil return
My company has submitted the TDS against a wrong PAN number and the same shows in my Form 16 as well. I tried searching the wrong PAN number in the e-filing website only to get a error message “This PAN number does not exist in our database”. Can you confirm if this means that no PAN with such number has been issues at all?
Please refer Sec 271H which clearly states that wrong information will attract fine of minimum Rs.10000 and may extend upto Rs 100000/-.
Returns with incomplete information should also be treated at par with returns which has not been filled.
Can e-tds return filed with incomplete details attract the Provisions of Section 234E?
Say e-tds return filed with NIL data or a dummy data to avoid 234E and subsequently submitting the correction statement.
Kindly comment in this situation.