Fee for default in furnishing statements (Section
234E):
If a person fails to deliver or caused to be
delivered a statement within the
time prescribed in section 200(3) in respect of tax deducted at source on or
after 1.07.2012 he shall be liable to
pay, by way of fee a sum of
Rs. 200 for every day during which the failure continues.
However, the amount of such fee shall not exceed the amount of tax which was deductible at source. This fee is mandatory in nature and to be paid before furnishing of such statement.
However, the amount of such fee shall not exceed the amount of tax which was deductible at source. This fee is mandatory in nature and to be paid before furnishing of such statement.
Penalty for failure in
furnishing statements or
furnishing incorrect information (section
271H):
If a person fails to deliver or caused to be
delivered a statement within the time prescribed in
section 200(3) or furnishes an incorrect statement, in
respect of tax deducted at source on or after 1.07.2012, he shall be liable
to pay, by way of penalty a
sum which shall not be less than Rs. 10,000/- but which may extend to Rs
1,00,000/-. However, the penalty shall not be levied
if the person proves that after paying TDS with the fee and interest, if any, to
the credit of Central Government, he had delivered such
statement before the expiry of one year from the time prescribed for
delivering the statement.
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