Sections under which interest for various delays/ defaults need to be paid

The sections under which interest for various delays/ defaults need to be paid are as follows:

  • Section 234A for delay in filing the return of income
  • Section 234B for default in payment of advance tax
  • Section 234C for deferment of payment of individual instalment or instalments of advance tax
  • Section 234D for excess refund granted to the taxpayer
  • Section 201(1A) for failure to deduct tax at source/delay in payment of tax deducted at source
  • Section 206C(7) is levied for failure to collect tax at source/delay in payment of tax collected at source
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Due date for filing of TDS returns for Q2 of FY: 2019-20 – 31st October

31st October – due date of filing TDS Returns for FY: 2019-20, Quarter 2 (July – Sep)

Filing of TDS Returns for the quarter ended September 2019 (FY:2019-20 Quarter 2) is already under way since 1st October.

Basic provisions relating to due date for payment of TDS

Sections under which interest for various delays/ defaults need to be paid

 

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Fees for Late Filing of TDS Returns

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Fees for Late Filing of TDS Returns are as follows:

Section 234E-Levy of Fees 

  • Failure to submit TDS return on time will result in fees on the deductor.
  • If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS return is not filed.
  • The levied amount of fee is not supposed to exceed the TDS deductibles.
  • Prior to TDS filing, such fee should be paid and it should be reflected in the TDS return.
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Due date for issuance of TCS certificates for Q2 of FY: 2019-20

Due date for issuance of TCS certificates for Q2 of FY: 2019-20 – 30th October, 2019

Note: The above is applicable for deductors other than the Office of the Government

Delay in requesting certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted.

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