CA NeWs Beta*: No filing / Late filing of TDS returns or TDS statement shall invite 2 penal consequence as the finance bill 2012-13 has given 2 New provisions

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Saturday, April 28, 2012

No filing / Late filing of TDS returns or TDS statement shall invite 2 penal consequence as the finance bill 2012-13 has given 2 New provisions

> No filing / Late filing of TDS returns or TDS statement shall invite 2 penal consequence as the finance bill 2012-13 has given 2 New provisions –
1) Fee for late filing U/s 234E and
2) Penalty for late filing or Non filing of TDS statement U/s 271H.

>>> Fee U/s 234E for late filing of TDS Statement:

> Proposed to be effective from 1st of July 2012,
> with heading “Levy of Fee in certain case”
> deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues...

NOTE ::: The total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.

>>> Penalty for late filing or non- filing TDS statement

> section 271H which provides that a deductor shall pay
> Penalty of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year (1 year) from the specified date within which he was supposed to file the statement.
> This amendment is "also" effective from 1st July 2012.

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