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 |