How can I pay TDS penalty in US 234E?
Download the Conso File from Traces portal. In case of payment towards late filing fee, please Tag the challan towards the payment, in the “Fee” column” using RPU Ver. 3.8, mentioning appropriate amount in such column and validate to generate the FVU. Submit the Correction Statement at TIN Facilitation Centre.
What is the penalty for TDS return?
Apart from delay in filing of TDS/TCS return, section 271H also covers cases of filing incorrect TDS/TCS return. In other words, minimum penalty of Rs. 10,000 and maximum penalty of upto Rs. 1,00,000 can be levied if the deductor/collector does not file a TDS/TCS return or files an incorrect TDS/TCS return.
How do I pay interest on US 220 2 on TDS?
As per section 220(2), if the taxpayer fails to pay the amount specified in any notice of Page 11 [As amended by Finance Act, 2021] demand issued under section 156 within the period as allowed in this regard, then he shall be liable to pay simple interest at 1% for every month or part of a month.
How is TDS penalty calculated?
For example, say the payable TDS amount is Rs 5000 and the date of the deduction is 13th January. TDS payment date for that deduction is on 17th May. Then the interest payable is Rs 5000 x 1.5% p.m. x 5 months = Rs 375 (from the month of January to the month of May).
What is the last date for TDS payment for March 2020?
TDS payment due dates
| Month of Deduction | Quarter ending | Due Date for filing of Return for the financial year 2020-21 for all the deductors |
|---|---|---|
| March | 31st March | 31st May 2021 |
How can I get TDS refund?
You just need to visit the income tax portal and login to download the relevant form for an income tax refund. Enter all the particulars and submit the form. If the employer has deducted tax when you are not eligible for it, you can claim the amount by filing income tax returns (ITR).
Is it compulsory to file nil TDS return?
Legally there is no need to file Quarterly TDS Return/ Statement where no tax has been deducted at source. NSDL is also of the view that it is not at all compulsory to file NIL return, if deductor has not deducted any tax at source or if there is no transaction at all for a particular period.
How can I pay TDS late?
In case of a normal payment, click on the (200) TDS/TCS Payable by Taxpayer, or if it is a payment against the request raised by the income tax department (e.g., Payment of interest or late fees as per the section 234E), then you must click on the (400) TDS/TCS Regular Assessment (Raised by I.T. Department)
What is interest u/s 220 2 in TDS?
As per section 220(2), if the taxpayer fails to pay the amount specified in any notice of demand issued under section 156(1) (as discussed) within the period as allowed in this regard, then he shall be liable to pay simple interest at 1% for every month or part of a month.
What is the last date for TDS file return?
TDS Due Dates of FY 2021-22 for Return Filing
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st July 2021 |
| 2nd Quarter | 1st July to 30th September | 31st October 2021 |
| 3rd Quarter | 1st October to 31st December | 31st Jan 2022 |
| 4th Quarter | 1st January to 31st March | 31st May 2022 |
What is the due date for TDS return FY 2020-21?
Due Date to File TCS Returns for FY 2020-21
| Quarter | Quarter Period | Due Date |
|---|---|---|
| 1st Quarter | April – June | 31 March 2021 |
| 2nd Quarter | July – September | 31 March 2021 |
| 3rd Quarter | October – December | 15 January 2021 |
| 4th Quarter | January – March | 15 May 2021 |
How to waive TDs late fees penalty you / s 234e?
But NOT GUARANTEED. There are some legal constraint in Charging the Penalty Under Section 234E, i.e. [box type=”note” ]The amount of fee referred to in sub-section (1) shall be paid before delivering or causing to be delivered a statement in accordance with sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C. [/box]
Who is liable to pay late fee for TDs?
In case of any delay, the Deductor or the Collector would be liable to pay a late fee for non-filing / late filing of TDS / TCS returns as per provisions of section 234E of the Income Tax Act. The current article covers the provisions of section 234E of the Income Tax Act
Is there penalty for not filling out TDs return statement?
All the TDS Return statements which are not filled under stipulated time frame are sent the notices with Penal Amount. There are many offices which have received the penal amount limited to Two lacs and more.Deductor need to pay the penalty including the late fees with in the stipulated time.
When was section 234e of the Income Tax Act introduced?
Section 234E of the Income Tax Act, 1961 has been introduced by the Finance Act, 2012. It is applicable in the following cases: 1. Fees for late filing of TDS Statement – Failure on the part of a tax payer to furnish TDS statement on time will invite payment of fees by the deductor as per section 234E of the Income Tax Act.