Implications of Non/Late filing of TDS Statements has been given below:
For Tax payers: Non/ Late etds filing results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them.
For Deductors: In case of default on account of Non / late etds filing, a fee shall also be levied on the deductor u/s 234E of the IT Act which reads as under: Where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.
One reply on “Implications of Non/Late filing of TDS Statements”
Yes it is right. The amount of Rs.200 per day will be calculated from the due date of filing to date of filing.
Example:
Due date 15 October,2015
Actual date of filing 5 Nov.2015
No. of days of delay = 21
Therefore fee u/s 234E = 200*21 = 4200