File TDS return on time to avoid Penalty / Late Payment Fees

The due date for Filing TDS returns for the quarter Oct-Dec 2013 is 15th Jan, 2014. We request all the deductors to file there TDS returns in time to avoid penalty / Fees for late filing of return. Income Tax Department has WEF 1^st of July 2012 imposed alate filing fees of Rs. 200 per day Under section 234E of the Income Tax Act, 1961 for late filing of TDS return which can be up to TDS amount.

Here we would like to mention that the  no action or appeal can be made against the fees charged by department for late filing of TDS Return U/s. 234E as in view of the department the same is not penalty but the fees for late filing of return.

In addition to fees department can also levy a penalty under section 271H of the Income Tax Act, 1961 of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement. This amendment is also effective from 1st July 2012.

So its better to file return TDS return on time. Deductors who file return through professional should submit the details to them on time and make sure that they file the return in time.