Articles News Reviews

TDS Return Not Filed On Time Will Attract Fine Up To One Lakh Rupees – TDS Return

Sharing is Caring

If you do not file your tax deducted at source (TDS) return on time, you may have to pay a late fee of Rs 200 per day along with a hefty fine of up to Rs 1 lakh. To avoid this, make sure to file TDS returns on time. The last date for filing TDS returns for the first quarter (April-June) of 2022-23 is July 31.

For late filing of TDS, the Income Tax Officer first collects late fee from you and then the penalty. Fine also ranging from a minimum of Rs 10,000 to a maximum of Rs 1 lakh. Not only this, the Income Tax Department can end all your claims for late filing of TDS returns. This means that you will not get the benefit of TDS related claim.

TDS return should be filed by the last date of the following month after the end of every quarter. This means that the return for the April-June quarter should be filed by July 31, the return for the July-September quarter by October 31, the return for the October-December quarter by January 31 and the return for the January-March quarter by May 31.

Understand the mathematics of calculating late fee every day
Suppose, you filed TDS return on April 4, 2023 for the first quarter of FY 2022-23. Meanwhile, your TDS claim for that quarter was Rs 8.40 lakh. Since, you have delayed by 247 days in filing TDS return. Therefore, you have to pay a total late fee of Rs 49,000 (247 days times Rs 200) under section 234E of the Income Tax Act.

The late fee amount is less than your TDS amount. So you have to pay a total fee of Rs 49,000 before filing the return.

documents required
Form 16/16A is required by the income tax payer to file the return of TDS. It is a certificate of deduction of tax on any kind of income.

nIt contains information about the tax paid by the employer in lieu of the employee. Taxpayer can also match TDS, TCS, Advance Tax with Form 26AS.

TDS, TCS have been paid to Govt. Late fee and interest have been paid to the government. Also, TDS, TCS return has been filed within one year from the due date in case of payment to Govt. There is no penalty in these cases. -Archit Gupta Founder-CEO, Clear

Expansion

If you do not file your tax deducted at source (TDS) return on time, you may have to pay a late fee of Rs 200 per day along with a hefty fine of up to Rs 1 lakh. To avoid this, make sure to file TDS returns on time. The last date for filing TDS returns for the first quarter (April-June) of 2022-23 is July 31.

For late filing of TDS, the Income Tax Officer first collects late fee from you and then the penalty. Fine also ranging from a minimum of Rs 10,000 to a maximum of Rs 1 lakh. Not only this, the Income Tax Department can end all your claims for late filing of TDS returns. This means that you will not get the benefit of TDS related claim.

TDS return should be filed by the last date of the following month after the end of every quarter. This means that the return for the April-June quarter should be filed by July 31, the return for the July-September quarter by October 31, the return for the October-December quarter by January 31 and the return for the January-March quarter by May 31.

Understand the mathematics of calculating late fee every day

Suppose, you filed TDS return on April 4, 2023 for the first quarter of FY 2022-23. Meanwhile, your TDS claim for that quarter was Rs 8.40 lakh. Since, you have delayed by 247 days in filing TDS return. Therefore, you have to pay a total late fee of Rs 49,000 (247 days times Rs 200) under section 234E of the Income Tax Act.

The late fee amount is less than your TDS amount. So you have to pay a total fee of Rs 49,000 before filing the return.

documents required

Form 16/16A is required by the income tax payer to file the return of TDS. It is a certificate of deduction of tax on any kind of income.

nIt contains information about the tax paid by the employer in lieu of the employee. Taxpayer can also match TDS, TCS, Advance Tax with Form 26AS.

TDS, TCS have been paid to Govt. Late fee and interest have been paid to the government. Also, TDS, TCS return has been filed within one year from the due date in case of payment to Govt. There is no penalty in these cases. -Archit Gupta Founder-CEO


Sharing is Caring

Add a Comment

Your email address will not be published.