- With effect from 1 July 2012, failure to file TDS statement within the prescribed time shall make the deductor liable to pay by way of fee u/s 234E, a sum of Rs. 200 for each day during which the default continues.
- With effect from 1 July 2012, the furnishing of incorrect information in the statement by the deductor would make him liable to a penalty, which shall not be less than Rs. 10, 000 but which may extend to Rs. 1 lakh.
- In case the delay in filing TDS statement is more than one year from the prescribed date, then the deductor shall be additionally liable to pay a minimum penalty of Rs. 10,000 which may extend to Rs. 1 lakh.
- Failure to apply for TAN or quote correct TAN by the deductor may result in a penalty of Rs. 10, 000.
- Late filing fee u/s 234E, being statutory in nature, cannot be waived off.
