Consequences of furnishing wrong statements filing incorrect

  • 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.

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