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Penalty for failure to file the TDS/TCS Return

As per section 271H, where a person fails to file the statement of tax deducted/collected at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then he shall be liable to pay penalty under section 271H. Minimum penalty shall be levied of Rs.10,000 which can go uptoRs. 1,00,000. Penalty under section 271H will be in addition to late filing fee prescribed under section 234E.

 

Apart from delay in filing of TDS/TCS return, section 271H also covers cases of filing incorrect TDS/TCS return. Penalty under section 271H can also be levied if the deductor/collector files an incorrect TDS/TCS return.

 

No penalty will be levied under section 271H for thefailure to file the TDS/TCS return, if the person provesthat after paying tax deducted/collected by him, alongwith the fee and interest (if any), to the credit of theCentral Government, he has filed the TDS/TCS returnbefore the expiry of a period of one year from the duedate of filing the TDS/TCS return. In other words, nopenalty under section 271H will be levied in case of delayin filing the TDS/TCS return if following conditions aresatisfied :

 

1)         The tax deducted/collected at source is paid to the credit of the Government.

 

2)         Late filing fees and interest (if any) is paid to the credit of the Government.

 

3)         The TDS/TCS return is filed before the expiry of a period of one year from the

due date specified in this behalf.

 

It should be noted that the above relaxation is applicableonly in case of penalty levied under section 271H for thedelay in filing of TDS/TCS return and not for filing incorrect TDS/TCS return.

 

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Penalty for  Late filing fees for delay in filing the TDS/TCS statement

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Penalty for furnishing inaccurate statement of financial transaction or reportable account

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Penalty for Failure to furnish any information or document as required by section 92D(3)

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Penalty Section 271GB for failure to furnish report or for furnishing inaccurate report under Section 286

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Penalty for failure to furnish information or document under section 285A

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Penalty for failure to file the TDS/TCS return

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Relaxation from penalty

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[A] Types of Penalties imposed under Income Tax Act. 1961.

31

[B] Power to Reduce or Waive Penalty, etc. in certain cases (Section 273 A)

32

[C] Stay or Compounding proceedings [Section 273 A (4)]

33

[D] Procedure for imposing Penalty [Section 274]

34

[E] Time limits of commencement and completion of Penalty proceedings (Section 275)

35

[F] Power of Commissioner to Grant Immunity from Penalty [Section 273AA]

36

[G] Summary Of Provisions Relating To Penalties

37

[H] Important Notes on Penalty under Income Tax Act. 1961.

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