Increase the Penalty on late Filing of E-TDS Return from 01st July, 2012

As per Finance Bill the Penalty on Late filing of e-TDS Return has been increased by twice as previous penalty w.e.f. 01.07.2012.  As present this penality is Rs. 100/- per day after due dated of submittion of e-TDS Return and applicable subject ot maximum TDS/TCS payable.  Thus do not submit your e-TDs Return after due date and avide penalties and other tension.

Currently Non filing or late filing of TDS return or TDS statement shall invite two penal consequence as the Finance Bill 2012-13 has inserted two new provisions :

• Fee for late filing : section 234E
• Penalty for late filing or Non filing of TDS statement or e-TDS Return as per section 271H.

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

1. Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement within the time prescribed in subsection (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.
2. The amount of fee referred to in sub-section (1) shall not exceed the amount of tax deductible or collectible, as the case may be.”

Penalty for late filing or non- filing TDS statement or e-TDS Return w.e.f. 01.07.2012:
“271H.

1. Without prejudice to the provisions of the Act, a person shall be liable to pay penalty, if, he–– (a) fails to deliver or cause to be delivered a statement within the time prescribed in subsection (3) of section 200 or the proviso to sub-section (3) of section 206C; or (b) furnishes incorrect information in the statement which is required to be delivered or cause to be delivered under sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C.
2. The penalty referred to in sub-section (1) shall be a sum which shall not be less than ten thousand rupees but which may extend to one lakh rupees.
3. Notwithstanding anything contained in the foregoing provisions of this section, no penalty shall be levied for the failure referred to in clause (a) of sub-section (1), if the person proves that after paying tax deducted or collected along with the fee and interest, if any, to the credit of the Central Government, he had delivered or cause to be delivered the statement referred to in subsection (3) of section 200 or the proviso to sub-section (3) of section 206C before the expiry of a period of one year from the time prescribed for delivering or causing to be delivered such statement.
4. The provisions of this section shall apply to a statement referred to in subsection(3) of section 200 or the proviso to sub-section (3) of section 206C which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012.”.

Posted in: Avoid Expenses,New Pension Plans,No Penalty,Penalty