Penalty late tax return on filing after due date
Penalty and Late fee for TDS return filed after due date
Now, as per the amendments in Finance Act 2012, w.e.f 01-Jul-2012 section 272A is substituted by Section 271H and a new section 234E has been inserted. As per old section 272A of the Income tax Act, if the TDS return is not filed within due date, penalty is charged @ Rs. 100/- per day till the return is filed.
| Section | Section 234E – Fee | Section 271H – Penalty |
|---|---|---|
| W.e.f. | 1-Jul-12 | 1-Jul-12 |
| When leviable | If the TDS return is not filed within due date | If incorrect information is furnished in return or if return is not filed within one year from the due date |
| Minimum | Rs. 200 per day till the return is filed | 10,000/- |
| Maximum | TDS amount | 1,00,000/- |
| Whether mandatory | Yes, to be deposited before filing of such TDS return | No |