Section 234E

Late fees under section 234E for default in furnishing TDS/TCS statements

Income Tax - Tax deductor and the tax collector is liable to furnish required quarterly statements (returns) under the Income Tax Act. In case of default in furnishing the said statements, late fees will be payable under section 234E of the Income Tax Act. The current article briefly explains the provisions of such late fees payable under section [&he...

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Fees & Penalty for late / Non filing of TDS Return

Income Tax - No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence 1.Fee for late filing U/s 234E and 2. Penalty for late filing or Non filing of TDS statement U/s 271H....

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KNOW – Interest, Late Fees & Penalty under TDS PROVISION

Income Tax - DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

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TDS Certificates – Detailed Discussion

Income Tax - As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]...

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TDS implication on purchase of property from NRI

Income Tax - It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]...

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6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax - Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....

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Reduce fee u/s. 234E from Rs.200/- per day to Rs.100/- per day

Income Tax - RECOMMENDATION FOR REDUCING THE FEE UNDER SECTION 234E FOR DEFAULT IN FURNISHING STATEMENTS OF TDS AND TCS FROM RS.200/- PER DAY TO RS.100/- PER DAY The levy of mandatory fee u/s. 234E at the rate of Rs.200/- per day for default in furnishing of Statements of TDS u/s. 200(3) and TCS u/s. 206C(3) has been […]...

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Incomplete TDS certificates issued by deductor delaying Income tax refunds

Income Tax - Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the tax deduction at source (TDS) certificates issued to them by the banks did not mention there permanent account number (PAN). Depositors of banks and post offices — especially pensioners — are put to a lot o...

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No Section 234E Late Fee for TDS return defaults prior to 1st June 2015

Raj Veer Singh Vs ACIT (ITAT Delhi) - Raj Veer Singh Vs ACIT (ITAT Delhi) We are of the considered view that no doubt provisions contained u/s 234E under which late fee has been levied for defaults of period in filing the TDS/TCS statements/returns but coordinate Benches of the Tribunal have followed one approach, though there are confl...

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No Section 234E interest on TDS returns filed prior to 1.6.2015

Ram Niwas Agarwal Vs ITO (ITAT Bangalore) - Ram Niwas Agarwal Vs ITO (ITAT Bangalore) It is not in dispute that if the ratio laid down by the Hon’ble Karnataka High Court in the case of Fateeraj Singhvi (supra) is applied then the levy of interest u/s.234-E of the Act would be illegal for returns of TDS in respect of the period prior [&hell...

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CPC TDS Wing is not an ‘External Agency’ for CBDT Circular

ITO Vs Ajmer Vidhyut Vitran Nigam Ltd (ITAT Jaipur) - ITO Vs Ajmer Vidhyut Vitran Nigam Ltd (ITAT Jaipur) Exception 10(e) to the aforesaid CBDT Circular relates to cases where addition is based on information received from external sources in the nature of law enforcement agencies such as CBI/ ED/ DRI/ SFIO/ Directorate General of GST Intelligence (DGG...

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If two Constructions are Possible then one in Favour of Assessee should be Applied

Popular Catering Services Vs DCIT (ITAT Mumbai) - The issue under consideration is whether late fee u/s 234E can be levied prior to 1.6.2015 i.e. prior to enactment of section 234E?...

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Amendment in Section 200A dated 01.06.2015 are prospective

Keshav Industries Pvt. Ltd. Vs. ITO-TDS (ITAT Indore) - Keshav Industries Pvt. Ltd. Vs ITO-TDS (ITAT Indore) Amendment dated 01.06.2015 in Section 200A of the Income Tax Act, 1961 is prospective in nature and cannot be applied retrospectively to previous TDS instances The ITAT Indore in Rajendra Prasad Tiwari (through Aakash Tiwari) Vs. Income Tax Depar...

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Suggest Situation justifying waiver of Section 234E fee : CBDT

F. No. 275/27/2013-IT (B) - (02/08/2016) - The Board is examining the desirability and expediency of prescribing situation/circumstances under which levy of fee under Section 234E may cause genuine hardship to the taxpayers, so as to prescribe guidelines for waiver of such fees by virtue of the powers of the Board under Section 119(2)(a) of ...

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CBDT extends due of TDS/TCS statement for Govt. deductees – No Refund of Fees Paid U/s. 234E

Circular No. 07/2014 - Income Tax - (04/03/2014) - CBDT Circular No. 07/2014 All Chief Commissioners of Income-tax All Directors General of Income-tax Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding The Central Board of Direct Taxes ('the Board') has received several petitions f...

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Tax audit & ROI due date extended to 31.10.2013 for A.Y. 2013-14

Order under Section 119 - F. No. 225/117/ 2013/ ITA.II - (24/10/2013) - In exercise of powers conferred under section 119 of the Income tax Act, 1961, the Central Board of direct Taxes, in continuation to order u/s 119 dated 26.09.2013 in F. No. 225/117/2013/ITA.II, hereby directs that in cases where the ‘due date’ of furnishing reports of audit and corresponding in...

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How to Calculate TDS on Salary – AY 2013-14 / FY 2012-13

Circular No. 8/2012-Income Tax - (05/10/2012) - Circular no. 8/2012-Income Tax The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2012-13 and explains certain related provisions of the Income-tax Act, 1961 (hereinafter the Act) and Income-tax ...

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Recent Posts in "Section 234E"

Late fees under section 234E for default in furnishing TDS/TCS statements

Tax deductor and the tax collector is liable to furnish required quarterly statements (returns) under the Income Tax Act. In case of default in furnishing the said statements, late fees will be payable under section 234E of the Income Tax Act. The current article briefly explains the provisions of such late fees payable under section [&he...

Read More
Posted Under: Income Tax |

No Section 234E Late Fee for TDS return defaults prior to 1st June 2015

Raj Veer Singh Vs ACIT (ITAT Delhi)

Raj Veer Singh Vs ACIT (ITAT Delhi) We are of the considered view that no doubt provisions contained u/s 234E under which late fee has been levied for defaults of period in filing the TDS/TCS statements/returns but coordinate Benches of the Tribunal have followed one approach, though there are conflicting decisions of different High Court...

Read More

Fees & Penalty for late / Non filing of TDS Return

No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence 1.Fee for late filing U/s 234E and 2. Penalty for late filing or Non filing of TDS statement U/s 271H....

Read More
Posted Under: Income Tax | ,

KNOW – Interest, Late Fees & Penalty under TDS PROVISION

DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

Read More
Posted Under: Income Tax |

No Section 234E interest on TDS returns filed prior to 1.6.2015

Ram Niwas Agarwal Vs ITO (ITAT Bangalore)

Ram Niwas Agarwal Vs ITO (ITAT Bangalore) It is not in dispute that if the ratio laid down by the Hon’ble Karnataka High Court in the case of Fateeraj Singhvi (supra) is applied then the levy of interest u/s.234-E of the Act would be illegal for returns of TDS in respect of the period prior […]...

Read More

CPC TDS Wing is not an ‘External Agency’ for CBDT Circular

ITO Vs Ajmer Vidhyut Vitran Nigam Ltd (ITAT Jaipur)

ITO Vs Ajmer Vidhyut Vitran Nigam Ltd (ITAT Jaipur) Exception 10(e) to the aforesaid CBDT Circular relates to cases where addition is based on information received from external sources in the nature of law enforcement agencies such as CBI/ ED/ DRI/ SFIO/ Directorate General of GST Intelligence (DGGI). In the instant case, the assessee ha...

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If two Constructions are Possible then one in Favour of Assessee should be Applied

Popular Catering Services Vs DCIT (ITAT Mumbai)

The issue under consideration is whether late fee u/s 234E can be levied prior to 1.6.2015 i.e. prior to enactment of section 234E?...

Read More

TDS Certificates – Detailed Discussion

As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]...

Read More
Posted Under: Income Tax | ,

Amendment in Section 200A dated 01.06.2015 are prospective

Keshav Industries Pvt. Ltd. Vs. ITO-TDS (ITAT Indore)

Keshav Industries Pvt. Ltd. Vs ITO-TDS (ITAT Indore) Amendment dated 01.06.2015 in Section 200A of the Income Tax Act, 1961 is prospective in nature and cannot be applied retrospectively to previous TDS instances The ITAT Indore in Rajendra Prasad Tiwari (through Aakash Tiwari) Vs. Income Tax Department, had on 14/07/2020 brought a landm...

Read More

TDS implication on purchase of property from NRI

It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]...

Read More
Posted Under: Income Tax | ,

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