TDS / TCS (Income Tax) – Information & Resource Bank
What is the Late Filing Fee u/s 234(E) of the Income Tax Act, 1961? As per section 234E, where a person fails to file the TDS/TCS statement on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of INR 200 for every…
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS…
With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns. Failure to submit e-TDS Statement on time will result in fees on the deductor. If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the…
The last date of filing TDS returns for the second quarter of FY 2015-16 falls due on 15th October 2015. It is very important to file returns on time because late filing of TDS returns not only delays TDS Credits to the deductees but also attracts late filing fees and penalties. Non filling / late…
Implications of Non/Late filing of TDS Statements has been given below: For Tax payers: Non/ Late etds filing results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them. For Deductors:…
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS…
Last date of TDS return filing for Quarter 1 of FY: 2015-16 is 15th July, 2015 With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns. Failure to submit e-TDS Statement on time will result in fees on the deductor. If you delay or forget…
A new Section 206CB is proposed to be introduced to facilitate the processing of TCS (tax collected at source) statements on the same lines as TDS statements. Section 206CB(1) permits adjustments to the sums collectible to take care of arithmetical errors or incorrect claims apparent from any information in the TCS statement filed. Interest if…
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit e-TDS Statement on time will result in fees on the deductor. If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the deductor, as long as…
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 file a quarterly Tax Deduction at Source (TDS) statement containing the details of deduction of tax made during…