TDS RETURNS – Get ready for 2nd Quarter of FY: 2015-16

The last date of filing TDS returns for the second quarter of FY 2015-16 falls due on 15th October 2015. It is very important to file returns on time because late filing of TDS returns not only delays TDS Credits to the deductees but also attracts late filing fees and penalties.

Non filling / late filling of TDS return shall invite two penal provisions:

  1. Fee for late filling as per section 234E
  2. Penalty for late filling or non filling of TDS statement as per section 271H

Section 234E-Levy of Fees

  • Failure to submit e-TDS Statement on time will result in fees on the deductor.
  • If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the deductor, as long as TDS Statement is not filed.
  • The levied amount of fee is not supposed to exceed the TDS deductibles.
  • Prior to filing of TDS Statement such fee should be paid and it should be reflected in the TDS Statement.

Section 271H-Penalty

  • Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to One Lac rupees,
    • If deductor exceeds one year time limit to File TDS Statement.
    • If deductor furnishes incorrect details like PAN, TDS Amount, Payment of Challan etc.

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