Income Tax : The article explains how delayed or incorrect filing of TDS/TCS returns attracts a late filing fee under Section 234E and penaltie...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...
Income Tax : Learn about the due dates for TDS and TCS payments, returns, and consequences for late filing, deduction, and payment under the In...
Income Tax : TDS Certificates can be used to claim TDS income even in case of mismatch in Form 26AS. Read this blog post to find out how to use...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : RECOMMENDATION FOR REDUCING THE FEE UNDER SECTION 234E FOR DEFAULT IN FURNISHING STATEMENTS OF TDS AND TCS FROM RS.200/- PER DAY T...
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 t...
Income Tax : ITAT Chennai held that late filing fees under Section 234E could not be levied through TDS processing for periods prior to 01.06.2...
Income Tax : The tribunal held that no late fee under Section 234E can be imposed for periods prior to 1 June 2015 due to absence of enabling p...
Income Tax : The issue involved levy of late fees on TDS returns processed before statutory amendment. The Tribunal held that absence of enabli...
Income Tax : ITAT Hyderabad held that the Supreme Court’s COVID-19 limitation extensions apply only to judicial and quasi-judicial proceeding...
Income Tax : The ITAT Raipur held that prior to 1 June 2015, there was no enabling provision under Section 200A to levy late filing fees under ...
Income Tax : The Board is examining the desirability and expediency of prescribing situation/circumstances under which levy of fee under Sectio...
Income Tax : CBDT Circular No. 07/2014 All Chief Commissioners of Income-tax All Directors General of Income-tax Sub: Ex-post facto extensi...
Income Tax : In exercise of powers conferred under section 119 of the Income tax Act, 1961, the Central Board of direct Taxes, in continuation ...
Income Tax : Circular no. 8/2012-Income Tax The present Circular contains the rates of deduction of income-tax from the payment of income char...
Recently, in the case of Rashmikant Kundalia and another vs Union of India and others, the constitutional validity of the fees being charged u/s 234E for delay in filing TDS returns was upheld by the Court of law, which primarily observed, that fees being charged for delay in filing of returns is in the nature […]
Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is required to […]
Income tax department should waive the fees for late filing TSD return u/s 234E for Q1, Q2 and Q3 if TDS return file within due date of Q4 TDS return because in the writ petition decided by Bombay High court, department has taken the stand that due to not filing of TDS return they are not able to give tax credit to deductee within time limit and because of this deficiency they have to bear extra cost which is now compensated by levying late filing fees u/s 234E.
Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The provision for Levy of Late filing fee was introduced to improve Filing […]
Petitioners have challenged the constitutional validity of section 234E of the Income Tax Act, 1961. Section 234E seeks to levy a fee of Rs.200/- per day (subject to certain other conditions as set out therein) inter alia on a person who deducts Tax at Source (TDS) and then fails to deliver or cause to be delivered the TDS return/statements to the authorities within the prescribed period.
In the Case of Shree Builders Vs. UOI, M.P.High Court issued notice to Union of India against validity of section 234E of Income Tax Act,1961 and granted stay of demand. Case was argued by A.P.Shrivastava Advocate accompanied by Advocate Sapan Usrethe.
Hon’ble Odisha High Court has granted stay on the recovery of Late fee charged Under Section 234E of the Income Tax Act,1961. In Separate cases Hon’ble Bombay, Rajashthan, Kerala and Karnataka High Court has already stayed the Recovery Proceeding U/s. 234E of the Income Tax Act,1961 till the final verdict in the case.
a) The matters relating to TDS/TCS in a government department is handled by persons with reasonably good education background. Appropriate computer training is also given by the Government to them for day to day functioning of the system. Accordingly, the records are well maintained and seemingly there should be no issues for them in timely […]
Affidavit of service dated 10 April 2014 is filed indicating that Respondent nos.1 and 2 have received the notice on 31 March 2014 and 8 April 2014 respectively. Though served, none appears for Respondent nos.1 and 2.
We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely filing of TDS Statements
