Ministry of Finance 10-July, 2012 Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deduc
Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source
(Release ID :85265)
Late Fee:- Presently, if TDS Return is submitted late, penalty is charged @ 100/- per day as per section 272A. Penalty amount is limited to maximum of TDS amount. Practically, this penalty is not imposed in any case due to lengthy procedure to charge penalty. According to new rules applicable w.e.f. 01-07-2012 or after TDS/TCS section 272A has been changed with new Section 234E which is hard in comparison with old.
In case, TDS/TCS return is submitted after one year, means deductor do not deposit TDS/TCS/RETURN/INTEREST with in one year after deducting TDS/TCS from deductor or collector.