Penalty for late filing of TDS returns
Any person required to deduct TDS are mandatorily to file a quarterly return under section 206 of the Income Tax Act, 1961 (The time limits for filing Quarterly returns have been specified in https://www.fmsfindia.org.in/notice-board/v1i21 ). The return specifies the name of deductee, amount of payment and TDS deducted thereon for the period of reporting.
As per section 234E, if a person fails to file the TDS/TCS return on or before the due date, it is liable to pay a late fee of Rs.200/- per day for the failure period. The amount of late fees shall not exceed the amount of TDS. The TDS/TCS return cannot be filed without payment of late filing fees, if applicable.
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