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Sunday, 08 July 2012 13:49

New Penalty and fee for late filing of TDS return Featured

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From 01.07.2012 new provisions on penalty are applicable for belated filing of income tax return.  From july 2012 onwards one has to pay belated fiiling fee under section 234 E and Penalty under section 271 H of the income tax Act. New provisions regarding this has been ammended to the Act.


I. LATE FILING FEE UNDER SECTION 234E

As per section 234 E of the Income Tax act 1962, if a person has defaulted in filing the TDS return within the due date , he has to pay the late filing fee of Rs.200 per day for each day of delay. The maximum amount payable for the delay is limited to the amount of tax deducted or collected as the case may be .

For example . Mr.X has deducted Rs.1000/- as TDS from Mr.Y and remitted to the govt for the 1st quarter of 2012. The due date for filing TDS return is 15th July 2012 . If Mr.X failed to file the return in due date and files the same only in 19th July 2012. Then he has to pay Rs. 600 as late filing fee of TDS return for 3 days( ie for 16th 17th and 18th).

Suppose in the above case Mr.X files the return only on 31st July. Then there is a delay of 15 days. In this case the late filing fee is limited to Rs.1000/- (lower of 3000(200*15) and 1000(Tds amount collected).

II. PENALTY UNDER SECTION 271H

In addition to the above mentioned fee which is payable for uploading return belatedly , additional penalty under section 271 H of the Act may also be invoked if the default for filing the return continues for more than 1year from the original date for filing the return.  The penalty under 271 H is minimum Rs.10000/- and maximum of Rs.100000/- .

 

Read 42473 times Last modified on Sunday, 08 July 2012 14:33

13 comments

  • Comment Link reshma rewale Friday, 02 August 2013 10:57 posted by reshma rewale

    Please give a tds challan section for late tds return filing

  • Comment Link Dinesh S Wednesday, 17 July 2013 10:04 posted by Dinesh S

    When will attract Rs.10,000/- and Rs.1,00,000/- to pay as penalty if default continues more than one year???

  • Comment Link yogita Wednesday, 10 July 2013 05:54 posted by yogita

    i filled my tds return of quqrter 2 of financial year 2012-13 on 14dec 2012.tge reason behind late filling of return is late allotment of TAN No.Now what should i do to avoid my penalty u/s 234E.

  • Comment Link CA Mukesh Jain Friday, 31 May 2013 08:57 posted by CA Mukesh Jain

    we have to pay the penalty on late return filling of TDS return so we wanted to know that on which section we have to make the challan against this penalty.

  • Comment Link JYOYI GARG Saturday, 20 April 2013 08:27 posted by JYOYI GARG

    WE DID'T FILED SALARY STATEMENT OF A.Y.2013-14 Q1.THERE IS NO TDS DEDUCTED.IS IT NESESARY TO FILED Q1.IF WE FILED Q1 NOW,THERE IS PENALTY OR NOT

  • Comment Link Gwalior Hospital Monday, 04 February 2013 08:04 posted by Gwalior Hospital

    We have filed TDS return for the Quarter 3 within due date but we just discovered that the Quarter mentioned on the return is Q4. We are unable to correct it so we are refiling the tds return so it'll attract a penalty of Rs. 3600 Maximum. Is there any way that we can rectify the mistake we made by downloading the Consolidated File ? Please Reply asap.

  • Comment Link Gwalior Hospital Monday, 04 February 2013 08:03 posted by Gwalior Hospital

    We have filed TDS return for the Quarter 3 within due date but we just discovered that the Quarter mentioned on the return is Q4. We are unable to correct it so we are refiling the tds return so it'll attract a penalty of Rs. 3600 Maximum. Is there any way that we can rectify the mistake we made by downloading the Consolidated File ? Please Reply asap.

  • Comment Link Suresh Thakkar Wednesday, 19 December 2012 06:38 posted by Suresh Thakkar

    Is it compulsory to file a Nil TDS return ????

  • Comment Link RAHUL ARORA Monday, 29 October 2012 05:37 posted by RAHUL ARORA

    I. LATE FILING FEE UNDER SECTION 234E
    As per section 234 E of the Income Tax act 1962, if a person has defaulted in filing the TDS return within the due date , he has to pay the late filing fee of Rs.200 per day for each day of delay. The maximum amount payable for the delay is limited to the amount of tax deducted or collected as the case may be .
    For example . Mr.X has deducted Rs.1000/- as TDS from Mr.Y and remitted to the govt for the 2nd quarter of 2012. The due date for filing TDS return is 15th September 2012 . If Mr.X failed to file the return in due date and files the same only in 19th July 2012. Then he has to pay Rs. 600 as late filing fee of TDS return for 9 days( ie for 15th Oct to 24th Oct )
    Suppose in the above case Mr.X files the return only on 25th October. Then there is a delay of 9 days. In this case the late filing fee is limited to Rs.1800/- (lower of 1800(200*9) and 1800(Tds amount collected).

  • Comment Link abdulmeeran Tuesday, 23 October 2012 16:06 posted by abdulmeeran

    While making challans there is a seperate field for interest and penalty payments. put the amount there.

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